Aberdeen Group plc Raises Stake in Edgewise Therapeutics, Inc. $EWTX

Key Points

• Aberdeen Group plc increased its stake in Edgewise Therapeutics by 75.8%, acquiring an additional 134,982 shares to reach a total of 313,025 shares worth approximately $6.9 million.
• Several hedge funds have altered their positions in Edgewise Therapeutics, with notable increases from Caitong International Asset Management and Tower Research Capital, reflecting growing institutional interest.
• Analysts have mixed ratings for Edgewise Therapeutics, with targets ranging from $30.00 to $49.00, indicating a consensus rating of "Moderate Buy" and an average price target of $40.55.

Aberdeen Group plc grew its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 75.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 313,025 shares of the company's stock after purchasing an additional 134,982 shares during the quarter. Aberdeen Group plc owned approximately 0.30% of Edgewise Therapeutics worth $6,887,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Baker BROS. Advisors LP boosted its stake in shares of Edgewise Therapeutics by 5.4% during the fourth quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company's stock valued at $164,364,000 after purchasing an additional 315,881 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Edgewise Therapeutics by 9.3% during the fourth quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock worth $133,044,000 after acquiring an additional 425,421 shares during the last quarter. Paradigm Biocapital Advisors LP raised its position in shares of Edgewise Therapeutics by 61.1% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock worth $119,988,000 after acquiring an additional 1,704,757 shares during the last quarter. Braidwell LP raised its position in shares of Edgewise Therapeutics by 19.1% during the fourth quarter. Braidwell LP now owns 2,332,196 shares of the company's stock worth $62,270,000 after acquiring an additional 373,886 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C raised its position in shares of Edgewise Therapeutics by 16.7% during the fourth quarter. Deerfield Management Company L.P. Series C now owns 2,078,509 shares of the company's stock worth $55,496,000 after acquiring an additional 297,503 shares during the last quarter.

Edgewise Therapeutics Trading Up 2.1%

EWTX stock traded up $0.30 during mid-day trading on Tuesday, reaching $14.60. The company's stock had a trading volume of 2,235,648 shares, compared to its average volume of 646,046. The company has a market cap of $1.54 billion, a price-to-earnings ratio of -9.42 and a beta of 0.26. The business's 50 day moving average price is $13.78 and its 200 day moving average price is $16.94. Edgewise Therapeutics, Inc. has a 12 month low of $10.60 and a 12 month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08. As a group, equities analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating for the company in a research report on Tuesday, August 19th. Raymond James Financial assumed coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price objective for the company. Guggenheim assumed coverage on Edgewise Therapeutics in a research report on Wednesday, April 30th. They set a "buy" rating and a $41.00 price objective for the company. Royal Bank Of Canada raised their price objective on Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, HC Wainwright assumed coverage on Edgewise Therapeutics in a research report on Monday, June 30th. They set a "buy" rating and a $42.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $40.55.

Insider Transactions at Edgewise Therapeutics

In other news, General Counsel John R. Moore sold 2,098 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $28,092.22. Following the completion of the sale, the general counsel owned 10,214 shares in the company, valued at $136,765.46. The trade was a 17.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Joanne M. Donovan sold 2,862 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $38,322.18. Following the transaction, the chief marketing officer directly owned 25,361 shares in the company, valued at approximately $339,583.79. The trade was a 10.14% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,267 shares of company stock worth $217,815. Insiders own 23.20% of the company's stock.

Edgewise Therapeutics Company Profile

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.