Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Shares Bought by Paradigm Biocapital Advisors LP

Paradigm Biocapital Advisors LP increased its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 61.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,493,929 shares of the company's stock after purchasing an additional 1,704,757 shares during the period. Edgewise Therapeutics accounts for approximately 4.2% of Paradigm Biocapital Advisors LP's investment portfolio, making the stock its 7th biggest position. Paradigm Biocapital Advisors LP owned approximately 4.75% of Edgewise Therapeutics worth $119,988,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Baker BROS. Advisors LP grew its stake in Edgewise Therapeutics by 5.4% during the 4th quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company's stock valued at $164,364,000 after acquiring an additional 315,881 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Edgewise Therapeutics by 9.3% during the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock worth $133,044,000 after purchasing an additional 425,421 shares during the period. Braidwell LP boosted its position in shares of Edgewise Therapeutics by 19.1% during the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company's stock worth $62,270,000 after purchasing an additional 373,886 shares during the period. Deerfield Management Company L.P. Series C boosted its position in shares of Edgewise Therapeutics by 16.7% during the 4th quarter. Deerfield Management Company L.P. Series C now owns 2,078,509 shares of the company's stock worth $55,496,000 after purchasing an additional 297,503 shares during the period. Finally, Artisan Partners Limited Partnership boosted its position in Edgewise Therapeutics by 7.1% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,071,596 shares of the company's stock valued at $28,612,000 after buying an additional 70,964 shares during the period.

Wall Street Analyst Weigh In

Several brokerages have commented on EWTX. Royal Bank of Canada decreased their price target on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 price objective on the stock. Guggenheim assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price objective on the stock. Scotiabank lowered shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and dropped their price target for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Finally, Piper Sandler reiterated an "overweight" rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Edgewise Therapeutics has an average rating of "Moderate Buy" and an average price target of $40.22.

Edgewise Therapeutics Stock Up 2.3%

Shares of EWTX traded up $0.33 on Friday, hitting $14.78. 1,281,742 shares of the stock traded hands, compared to its average volume of 1,172,213. The firm has a market capitalization of $1.55 billion, a P/E ratio of -9.85 and a beta of 0.36. Edgewise Therapeutics, Inc. has a 1 year low of $10.60 and a 1 year high of $38.12. The stock's 50 day moving average is $16.96 and its two-hundred day moving average is $24.88.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share for the quarter, topping analysts' consensus estimates of ($0.45) by $0.02. Research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insiders Place Their Bets

In related news, General Counsel John R. Moore sold 1,930 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $31,748.50. Following the completion of the sale, the general counsel now directly owns 6,531 shares of the company's stock, valued at approximately $107,434.95. This trade represents a 22.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alan J. Russell sold 1,551 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $25,513.95. Following the transaction, the insider now directly owns 18,521 shares of the company's stock, valued at approximately $304,670.45. This represents a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,258 shares of company stock valued at $234,544 over the last quarter. Company insiders own 23.20% of the company's stock.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.