ADAR1 Capital Management LLC Takes Position in Edgewise Therapeutics, Inc. $EWTX

Key Points

• ADAR1 Capital Management acquired 143,199 shares of Edgewise Therapeutics valued at approximately $5.8 million, representing about 0.13% of the company.
• Edgewise shares opened at $44.21, near their 52-week high of $48.40. Analysts maintain a “Moderate Buy” consensus with an average price target of $50.33.
• The company missed quarterly earnings expectations, reporting a loss of $0.53 per share versus the projected $0.47 loss. Insiders sold 238,329 shares worth roughly $9.6 million over the past 90 days.

ADAR1 Capital Management LLC acquired a new stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 143,199 shares of the company's stock, valued at approximately $5,818,000. ADAR1 Capital Management LLC owned about 0.13% of Edgewise Therapeutics at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of EWTX. Optimize Financial Inc grew its stake in shares of Edgewise Therapeutics by 1.5% in the fourth quarter. Optimize Financial Inc now owns 27,679 shares of the company's stock worth $687,000 after acquiring an additional 396 shares during the period. Parallel Advisors LLC boosted its holdings in Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company's stock worth $33,000 after purchasing an additional 406 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Edgewise Therapeutics by 23.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company's stock worth $71,000 after purchasing an additional 550 shares during the last quarter. California State Teachers Retirement System grew its position in Edgewise Therapeutics by 2.4% in the 2nd quarter. California State Teachers Retirement System now owns 36,878 shares of the company's stock worth $483,000 after purchasing an additional 850 shares during the period. Finally, AlphaCentric Advisors LLC grew its position in Edgewise Therapeutics by 6.2% in the 1st quarter. AlphaCentric Advisors LLC now owns 15,615 shares of the company's stock worth $492,000 after purchasing an additional 912 shares during the period.

Edgewise Therapeutics Price Performance

Shares of EWTX stock opened at $44.21 on Wednesday. The company has a market cap of $4.80 billion, a price-to-earnings ratio of -23.90 and a beta of 0.30. Edgewise Therapeutics, Inc. has a 1 year low of $13.69 and a 1 year high of $48.40. The firm has a fifty day moving average price of $41.54 and a 200-day moving average price of $35.43.

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

Wall Street Analyst Weigh In

EWTX has been the topic of several research analyst reports. Leerink Partners set a $52.00 price target on Edgewise Therapeutics in a report on Tuesday, June 16th. Oppenheimer initiated coverage on Edgewise Therapeutics in a report on Thursday, July 9th. They issued an "outperform" rating and a $51.00 price objective for the company. Raymond James Financial reiterated a "strong-buy" rating and set a $66.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, June 1st. JPMorgan Chase & Co. increased their target price on Edgewise Therapeutics from $53.00 to $60.00 and gave the company an "overweight" rating in a report on Thursday, August 20th. Finally, Guggenheim raised their target price on Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.33.

Insider Buying and Selling

In other Edgewise Therapeutics news, CEO Kevin Koch sold 17,971 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total transaction of $784,973.28. Following the sale, 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan J. Russell sold 200,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the sale, the insider owned 24,555 shares in the company, valued at approximately $967,712.55. The trade was a 89.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 238,329 shares of company stock valued at $9,557,529 in the last 90 days. Corporate insiders own 21.30% of the company's stock.

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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