91,638 Shares in Edgewise Therapeutics, Inc. $EWTX Acquired by Hsbc Holdings PLC

Key Points

• HSBC Holdings acquired 91,638 shares of Edgewise Therapeutics in the second quarter, valued at approximately $3.7 million and representing 0.08% of the company.
• Edgewise shares opened at $42.90, while the company reported a quarterly loss of $0.53 per share, missing analysts’ $0.47-loss estimate. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $50.33.
• Company insiders sold approximately 238,329 shares worth $9.6 million over the past three months, including sales by the CEO and chief marketing officer to cover tax obligations related to vested equity awards.

Hsbc Holdings PLC purchased a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 91,638 shares of the company's stock, valued at approximately $3,723,000. Hsbc Holdings PLC owned 0.08% of Edgewise Therapeutics at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Parallel Advisors LLC raised its position in Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company's stock worth $33,000 after buying an additional 406 shares during the last quarter. KBC Group NV purchased a new stake in Edgewise Therapeutics in the 1st quarter valued at approximately $49,000. Seven Fleet Capital Management LP acquired a new position in Edgewise Therapeutics during the 4th quarter worth approximately $50,000. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics during the 1st quarter worth approximately $47,000. Finally, Steward Partners Investment Advisory LLC lifted its holdings in shares of Edgewise Therapeutics by 23.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company's stock valued at $71,000 after buying an additional 550 shares during the period.

Edgewise Therapeutics Stock Down 1.1%

Shares of NASDAQ:EWTX opened at $42.90 on Friday. The company has a market cap of $4.66 billion, a P/E ratio of -23.19 and a beta of 0.32. Edgewise Therapeutics, Inc. has a 52 week low of $13.69 and a 52 week high of $48.40. The business has a fifty day simple moving average of $42.46 and a 200-day simple moving average of $36.54.

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Evercore reissued an "outperform" rating and issued a $55.00 target price on shares of Edgewise Therapeutics in a report on Monday, July 20th. The Goldman Sachs Group increased their price target on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the company a "neutral" rating in a report on Tuesday, August 11th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Guggenheim boosted their price objective on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a "buy" rating in a report on Monday, July 6th. Finally, Oppenheimer assumed coverage on shares of Edgewise Therapeutics in a research report on Thursday, July 9th. They set an "outperform" rating and a $51.00 target price on the stock. One investment 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's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $50.33.

Insider Buying and Selling

In other news, CMO Joanne Donovan sold 6,522 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total transaction of $285,989.70. Following the transaction, the chief marketing officer directly owned 11,544 shares of the company's stock, valued at approximately $506,204.40. The trade was a 36.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of the business's stock in a transaction dated 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 approximately $2,292,675.84. This trade represents a 25.51% 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. Over the last three months, insiders sold 238,329 shares of company stock valued at $9,557,529. 21.30% of the stock is owned by company insiders.

About Edgewise Therapeutics

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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