ADAR1 Capital Management LLC Acquires New Stake in Edgewise Therapeutics, Inc. $EWTX

Key Points

• ADAR1 Capital Management LLC has acquired 20,000 shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX), valued at around $440,000, indicating increased institutional investment in the company.
• Several other institutional investors notably increased their stakes in Edgewise, with Paradigm Biocapital Advisors LP raising its position by 61.1% in the last quarter.
• Wall Street analysts have mixed views on Edgewise stock, with ratings ranging from "strong-buy" to "hold," and a consensus price target of $40.55, while the stock is currently trading at approximately $14.35.

ADAR1 Capital Management LLC purchased a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 20,000 shares of the company's stock, valued at approximately $440,000.

A number of other institutional investors also recently bought and sold shares of the business. Envestnet Asset Management Inc. grew its holdings in shares of Edgewise Therapeutics by 32.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 14,678 shares of the company's stock worth $392,000 after buying an additional 3,561 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Edgewise Therapeutics by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 729,923 shares of the company's stock valued at $19,491,000 after acquiring an additional 3,052 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Edgewise Therapeutics by 1,097.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company's stock worth $98,000 after purchasing an additional 3,369 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Edgewise Therapeutics by 23.3% in the 4th quarter. Hsbc Holdings PLC now owns 10,759 shares of the company's stock valued at $283,000 after purchasing an additional 2,031 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Edgewise Therapeutics by 22.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,050 shares of the company's stock valued at $776,000 after purchasing an additional 5,242 shares during the period.

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock traded up $0.95 during midday trading on Friday, reaching $15.57. The stock had a trading volume of 847,053 shares, compared to its average volume of 760,660. The stock's 50-day simple moving average is $13.88 and its 200 day simple moving average is $16.31. Edgewise Therapeutics, Inc. has a twelve month low of $10.60 and a twelve month high of $38.12. The stock has a market capitalization of $1.64 billion, a PE ratio of -10.05 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.08. Equities analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Joanne M. Donovan sold 2,862 shares of Edgewise Therapeutics stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $38,322.18. Following the sale, the chief marketing officer owned 25,361 shares of the company's stock, valued at $339,583.79. The trade was a 10.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Kevin Koch sold 7,972 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $106,745.08. Following the completion of the transaction, the chief executive officer directly owned 30,615 shares of the company's stock, valued at approximately $409,934.85. The trade was a 20.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 116,267 shares of company stock valued at $1,677,815 over the last ninety days. 23.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. HC Wainwright started coverage on Edgewise Therapeutics in a research report on Monday, June 30th. They set a "buy" rating and a $42.00 price objective for the company. Raymond James Financial assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 target price for the company. JPMorgan Chase & Co. lowered their price objective on Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating for the company in a research report on Tuesday, August 19th. Finally, Royal Bank Of Canada raised their price target on Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $40.55.

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.