577,036 Shares in Edgewise Therapeutics, Inc. $EWTX Bought by Parkman Healthcare Partners LLC

Key Points

• Parkman Healthcare Partners initiated a position of 577,036 Edgewise Therapeutics shares valued at approximately $23.4 million, representing about 0.53% of the company and 2.4% of Parkman’s portfolio.
• Edgewise shares opened at $44.72, up 1.2%, with a market capitalization of roughly $4.86 billion and a 52-week range of $13.69 to $48.40. The company recently reported a quarterly loss of $0.53 per share, missing analyst expectations of a $0.47 loss.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $50.33, while insiders have sold approximately $9.6 million of stock over the past 90 days, primarily to cover tax obligations from equity vesting.

Parkman Healthcare Partners LLC bought a new stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 577,036 shares of the company's stock, valued at approximately $23,445,000. Edgewise Therapeutics makes up approximately 2.4% of Parkman Healthcare Partners LLC's portfolio, making the stock its 12th largest position. Parkman Healthcare Partners LLC owned 0.53% of Edgewise Therapeutics at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC lifted its stake in Edgewise Therapeutics by 64.9% in the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company's stock worth $33,000 after purchasing an additional 406 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Edgewise Therapeutics during the second quarter valued at about $45,000. Jones Financial Companies Lllp bought a new stake in shares of Edgewise Therapeutics in the first quarter worth about $47,000. KBC Group NV bought a new stake in shares of Edgewise Therapeutics in the first quarter worth about $49,000. Finally, Seven Fleet Capital Management LP purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter worth about $50,000.

Edgewise Therapeutics Stock Up 1.2%

Shares of EWTX opened at $44.72 on Tuesday. The business has a fifty day moving average of $41.34 and a 200 day moving average of $35.32. The company has a market cap of $4.86 billion, a PE ratio of -24.17 and a beta of 0.30. Edgewise Therapeutics, Inc. has a 52-week low of $13.69 and a 52-week high of $48.40.

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

Insiders Place Their Bets

In other news, CMO Joanne M. Donovan sold 6,522 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total value of $285,989.70. Following the completion of the sale, the chief marketing officer owned 11,544 shares in the company, valued at approximately $506,204.40. The trade was a 36.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total value of $219,801.12. Following the sale, the general counsel owned 17,697 shares of the company's stock, valued at $775,482.54. This trade represents a 22.08% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 238,329 shares of company stock worth $9,557,529. Corporate insiders own 21.30% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on EWTX shares. Oppenheimer began coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They set an "outperform" rating and a $51.00 target price for the company. Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Raymond James Financial reissued a "strong-buy" rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Evercore restated an "outperform" rating and issued a $55.00 target price on shares of Edgewise Therapeutics in a report on Monday, July 20th. Finally, Guggenheim upped their target price on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the company a "buy" rating in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Edgewise Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $50.33.

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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