Ameriprise Financial Inc. Invests $603,000 in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Ameriprise Financial Inc. bought a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 22,584 shares of the company's stock, valued at approximately $603,000.

Several other institutional investors have also recently made changes to their positions in EWTX. Algert Global LLC boosted its holdings in shares of Edgewise Therapeutics by 1,073.0% in the 4th quarter. Algert Global LLC now owns 110,259 shares of the company's stock worth $2,944,000 after buying an additional 100,859 shares during the last quarter. Acuta Capital Partners LLC boosted its holdings in shares of Edgewise Therapeutics by 39.1% in the 4th quarter. Acuta Capital Partners LLC now owns 87,658 shares of the company's stock worth $2,340,000 after buying an additional 24,658 shares during the last quarter. First Light Asset Management LLC purchased a new position in shares of Edgewise Therapeutics in the 4th quarter worth about $20,843,000. Foresite Capital Management VI LLC purchased a new position in shares of Edgewise Therapeutics in the 4th quarter worth about $15,620,000. Finally, Northern Trust Corp boosted its holdings in shares of Edgewise Therapeutics by 6.2% in the 4th quarter. Northern Trust Corp now owns 611,306 shares of the company's stock worth $16,322,000 after buying an additional 35,426 shares during the last quarter.

Analyst Upgrades and Downgrades

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

Edgewise Therapeutics Price Performance

EWTX stock traded up $0.33 during trading on Thursday, hitting $14.82. 699,668 shares of the stock traded hands, compared to its average volume of 1,188,469. Edgewise Therapeutics, Inc. has a 1 year low of $10.60 and a 1 year high of $38.12. The firm's 50 day moving average is $14.39 and its two-hundred day moving average is $23.15. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -9.88 and a beta of 0.28.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its 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. As a group, analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Alan J. Russell sold 1,551 shares of Edgewise Therapeutics stock in a transaction dated 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 $304,670.45. The trade was a 7.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Orbimed Advisors Llc acquired 496,771 shares of Edgewise Therapeutics stock in a transaction on Thursday, April 3rd. The stock was purchased at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the purchase, the director now owns 14,809,075 shares in the company, valued at approximately $298,106,679.75. The trade was a 3.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 14,258 shares of company stock valued at $234,544. 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.