212,347 Shares in Edgewise Therapeutics, Inc. $EWTX Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 212,347 shares of Edgewise Therapeutics worth approximately $8.6 million, representing about 0.20% of the company. Other institutional investors, including Goldman Sachs and Creative Planning, also increased their positions.
• Analyst sentiment remains broadly positive: Edgewise has an average “Moderate Buy” rating and a consensus price target of $50.33, with several firms recently raising their targets.
• EWTX opened at $41.98 and has a market capitalization of roughly $4.56 billion. The company missed quarterly EPS expectations, while insiders sold $9.6 million of stock over the past 90 days, primarily to cover tax obligations.

Bank of New York Mellon Corp bought a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 212,347 shares of the company's stock, valued at approximately $8,628,000. Bank of New York Mellon Corp owned approximately 0.20% of Edgewise Therapeutics at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in EWTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Edgewise Therapeutics by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company's stock valued at $963,000 after purchasing an additional 2,463 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Edgewise Therapeutics in the first quarter valued at approximately $47,000. Goldman Sachs Group Inc. increased its position in shares of Edgewise Therapeutics by 5.7% during the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company's stock worth $8,066,000 after acquiring an additional 19,753 shares in the last quarter. Strs Ohio bought a new stake in shares of Edgewise Therapeutics during the first quarter worth $84,000. Finally, Creative Planning lifted its position in Edgewise Therapeutics by 29.4% in the 2nd quarter. Creative Planning now owns 16,910 shares of the company's stock valued at $222,000 after acquiring an additional 3,837 shares in the last quarter.

Analyst Ratings Changes

EWTX has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, August 20th. Guggenheim increased their price objective on Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a "buy" rating in a report on Monday, July 6th. HC Wainwright restated a "buy" rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Edgewise Therapeutics in a research report on Friday, July 17th. Finally, Royal Bank Of Canada raised their price target on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $50.33.

Edgewise Therapeutics Trading Down 0.6%

NASDAQ EWTX opened at $41.98 on Thursday. The firm's fifty day moving average price is $42.17 and its two-hundred day moving average price is $35.99. Edgewise Therapeutics, Inc. has a 1 year low of $13.69 and a 1 year high of $48.40. The firm has a market capitalization of $4.56 billion, a P/E ratio of -22.69 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.06). On average, research analysts anticipate that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Alan J. Russell sold 5,901 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total value of $258,050.73. Following the transaction, the insider directly owned 31,466 shares of the company's stock, valued at $1,376,008.18. This represents a 15.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John R. Moore sold 5,016 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total transaction of $219,801.12. Following the sale, the general counsel owned 17,697 shares of the company's stock, valued at approximately $775,482.54. This represents a 22.08% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 238,329 shares of company stock worth $9,557,529. Company insiders own 21.30% of the company's stock.

Edgewise Therapeutics Profile

Edgewise Therapeutics, Inc NASDAQ: EWTX is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise's pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.

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