735,202 Shares in Edgewise Therapeutics, Inc. $EWTX Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management purchased 735,202 Edgewise Therapeutics shares worth approximately $29.85 million, representing about 0.68% of the company.
• Several institutional investors increased or initiated positions in Edgewise, while Edgewise reported a quarterly loss of $0.53 per share, missing estimates by $0.06.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $51.33, compared with the stock’s $37.19 opening price.

Assenagon Asset Management S.A. purchased a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 735,202 shares of the company's stock, valued at approximately $29,849,000. Assenagon Asset Management S.A. owned about 0.68% of Edgewise Therapeutics at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Hsbc Holdings PLC purchased a new stake in shares of Edgewise Therapeutics in the second quarter valued at about $3,723,000. Janus Henderson Group PLC increased its stake in shares of Edgewise Therapeutics by 29.5% during the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company's stock worth $186,289,000 after acquiring an additional 1,348,706 shares during the period. Persistent Asset Partners Ltd acquired a new position in shares of Edgewise Therapeutics during the second quarter worth about $2,821,000. The Manufacturers Life Insurance Company purchased a new position in Edgewise Therapeutics during the second quarter worth about $1,656,000. Finally, California State Teachers Retirement System raised its holdings in Edgewise Therapeutics by 45.7% during the first quarter. California State Teachers Retirement System now owns 73,419 shares of the company's stock worth $2,313,000 after purchasing an additional 23,027 shares in the last quarter.

Edgewise Therapeutics Stock Performance

Shares of EWTX opened at $37.19 on Monday. The firm's 50-day moving average is $42.29 and its two-hundred day moving average is $38.59. Edgewise Therapeutics, Inc. has a twelve month low of $14.68 and a twelve month high of $48.51. The firm has a market capitalization of $4.04 billion, a P/E ratio of -20.10 and a beta of 0.35.

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

Insider Transactions at Edgewise Therapeutics

In other news, CEO Kevin Koch sold 17,971 shares of the firm's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the completion of the transaction, the chief executive officer owned 52,488 shares in the company, valued at $2,292,675.84. This trade represents a 25.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne Donovan sold 2,919 shares of Edgewise Therapeutics stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $43.41, for a total value of $126,713.79. Following the transaction, the chief marketing officer directly owned 8,625 shares of the company's stock, valued at $374,411.25. This trade represents a 25.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 38,329 shares of company stock worth $1,675,529 over the last ninety days. 21.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on EWTX shares. Guggenheim raised their price objective 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. HC Wainwright reaffirmed a "buy" rating on shares of Edgewise Therapeutics in a report on Wednesday. Wall Street Zen upgraded Edgewise Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, October 4th. The Goldman Sachs Group upped their price objective on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a "neutral" rating in a report on Tuesday, August 11th. Finally, Evercore reiterated an "outperform" rating and issued a $55.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Edgewise Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $51.33.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a biopharmaceutical company focused on developing small-molecule therapies for severe neuromuscular and cardiovascular diseases. The company's research is centered on muscle biology, with the goal of developing treatments that address the underlying mechanisms of muscle damage and dysfunction.

Edgewise's lead investigational product is sevasemten, formerly known as EDG-5506, a selective fast skeletal muscle myosin inhibitor being developed for dystrophinopathies, including Duchenne muscular dystrophy and Becker muscular dystrophy.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.