Ameriprise Financial Inc. Purchases Shares of 22,584 Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Ameriprise Financial Inc. acquired a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 22,584 shares of the company's stock, valued at approximately $603,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. First Light Asset Management LLC bought a new position in Edgewise Therapeutics during the 4th quarter valued at $20,843,000. Amundi boosted its stake in shares of Edgewise Therapeutics by 127.2% during the 4th quarter. Amundi now owns 341,687 shares of the company's stock worth $8,686,000 after acquiring an additional 191,267 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of Edgewise Therapeutics during the 4th quarter worth $576,000. Russell Investments Group Ltd. purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at $883,000. Finally, Artisan Partners Limited Partnership lifted its holdings in shares of Edgewise Therapeutics by 7.1% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,071,596 shares of the company's stock valued at $28,612,000 after purchasing an additional 70,964 shares in the last quarter.

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock traded up $0.42 during midday trading on Friday, reaching $15.24. The company had a trading volume of 1,196,793 shares, compared to its average volume of 1,195,175. The stock has a fifty day moving average price of $14.15 and a 200 day moving average price of $22.93. The firm has a market cap of $1.60 billion, a PE ratio of -10.16 and a beta of 0.28. Edgewise Therapeutics, Inc. has a fifty-two week low of $10.60 and a fifty-two week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.02. As a group, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In related news, General Counsel John R. Moore sold 1,930 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $31,748.50. Following the transaction, the general counsel now directly owns 6,531 shares in the company, valued at $107,434.95. This trade represents a 22.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alan J. Russell sold 1,551 shares of Edgewise Therapeutics stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $25,513.95. Following the completion of the sale, the insider now owns 18,521 shares in the company, 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. In the last 90 days, insiders sold 14,258 shares of company stock worth $234,544. 23.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on EWTX shares. Piper Sandler reiterated an "overweight" rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Scotiabank downgraded Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Wedbush reissued an "outperform" rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a report on Monday, April 21st. Royal Bank of Canada reaffirmed an "outperform" rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a research note on Thursday. Finally, Guggenheim started coverage on Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $39.78.

Edgewise Therapeutics Company Profile

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.