655,306 Edgewise Therapeutics, Inc. $EWTX Shares Bought by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its Edgewise Therapeutics stake by 655,306 shares—a 10,434.8% rise in the third quarter—to 661,586 shares, worth about $26.9 million.
• Institutional ownership changes were also notable at other firms, including Janus Henderson, which added 1.35 million shares, while BlackRock and others established new positions.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $52.83. Shares opened at $47.57, near their one-year high of $48.78.

Pictet Asset Management Holding SA lifted its position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 10,434.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 661,586 shares of the company's stock after buying an additional 655,306 shares during the quarter. Pictet Asset Management Holding SA owned about 0.61% of Edgewise Therapeutics worth $26,860,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in Edgewise Therapeutics during the second quarter worth $268,415,000. Jupiter Topco LLC acquired a new stake in Edgewise Therapeutics in the second quarter valued at $246,945,000. Janus Henderson Group PLC lifted its stake in Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company's stock valued at $186,289,000 after acquiring an additional 1,348,706 shares during the last quarter. Bank of America Corp DE acquired a new stake in Edgewise Therapeutics in the second quarter valued at $63,312,000. Finally, First Light Asset Management LLC grew its position in shares of Edgewise Therapeutics by 9.3% in the 2nd quarter. First Light Asset Management LLC now owns 1,095,171 shares of the company's stock valued at $44,497,000 after acquiring an additional 93,325 shares during the period.

Edgewise Therapeutics Trading Up 2.2%

EWTX stock opened at $47.57 on Thursday. The firm has a market capitalization of $5.21 billion, a PE ratio of 5.81 and a beta of 0.39. Edgewise Therapeutics, Inc. has a 1-year low of $19.76 and a 1-year high of $48.78. The business's 50 day simple moving average is $41.18 and its 200 day simple moving average is $36.81.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $9.65 earnings per share for the quarter, beating analysts' consensus estimates of ($0.53) by $10.18. As a group, sell-side analysts predict that Edgewise Therapeutics, Inc. will post 6.92 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Raymond James Financial restated an "underperform" rating and set a $85.00 price objective on shares of Edgewise Therapeutics in a research note on Thursday, November 5th. Wall Street Zen raised shares of Edgewise Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, October 4th. HC Wainwright reiterated a "buy" rating on shares of Edgewise Therapeutics in a research note on Wednesday, October 14th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Edgewise Therapeutics in a report on Thursday, October 15th. Finally, William Blair initiated coverage on Edgewise Therapeutics in a report on Friday, October 16th. They set an "outperform" rating for the company. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Edgewise Therapeutics has an average rating of "Moderate Buy" and an average price target of $52.83.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, CFO Michael Nofi sold 4,442 shares of the company's stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $45.43, for a total value of $201,800.06. Following the transaction, the chief financial officer directly owned 6,495 shares in the company, valued at $295,067.85. The trade was a 40.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 21.30% of the stock is currently owned by corporate insiders.

Edgewise Therapeutics Profile

Edgewise Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for serious muscle disorders. Founded in 2017 and based in Boulder, Colorado, the company researches small-molecule treatments designed to address the underlying biology of muscle and cardiac conditions. Its programs include sevasemten, an investigational therapy for Duchenne and Becker muscular dystrophies, and EDG-7500, an investigational treatment being developed for hypertrophic cardiomyopathy.

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