Amundi Cuts Stock Position in Edgewise Therapeutics, Inc. $EWTX

Key Points

• Amundi has reduced its stake in Edgewise Therapeutics by 9.7%, now holding approximately 308,633 shares valued at $6.79 million after selling 33,054 shares.
• Edgewise Therapeutics has seen notable interest from institutional investors, with firms like Caitong International and AlphaQuest significantly increasing their positions in the company during the first quarter.
• The stock currently trades at $14.67 and has a market cap of $1.55 billion, with analysts giving it a consensus rating of "Moderate Buy" and a price target of $40.55.

Amundi lowered its holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 308,633 shares of the company's stock after selling 33,054 shares during the period. Amundi owned about 0.29% of Edgewise Therapeutics worth $6,790,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GF Fund Management CO. LTD. purchased a new position in Edgewise Therapeutics in the fourth quarter worth $53,000. Caitong International Asset Management Co. Ltd boosted its position in Edgewise Therapeutics by 55.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company's stock worth $70,000 after purchasing an additional 1,141 shares during the last quarter. AlphaQuest LLC boosted its position in Edgewise Therapeutics by 324.8% in the first quarter. AlphaQuest LLC now owns 9,358 shares of the company's stock worth $206,000 after purchasing an additional 7,155 shares during the last quarter. Neo Ivy Capital Management purchased a new position in Edgewise Therapeutics in the fourth quarter worth $259,000. Finally, Contravisory Investment Management Inc. purchased a new position in Edgewise Therapeutics in the first quarter worth $225,000.

Edgewise Therapeutics Stock Down 0.5%

Shares of NASDAQ EWTX opened at $14.67 on Thursday. The firm has a market capitalization of $1.55 billion, a P/E ratio of -9.46 and a beta of 0.26. The stock's 50-day simple moving average is $13.98 and its two-hundred day simple moving average is $16.13. Edgewise Therapeutics, Inc. has a twelve month low of $10.60 and a twelve month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced 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, research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

EWTX has been the topic of several research reports. HC Wainwright began coverage on Edgewise Therapeutics in a research note on Monday, June 30th. They issued a "buy" rating and a $42.00 target price on the stock. JPMorgan Chase & Co. dropped their price target on Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 19th. Raymond James Financial began coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price target on the stock. Finally, Royal Bank Of Canada upped their price target on Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.55.

Insiders Place Their Bets

In other Edgewise Therapeutics news, CEO Kevin Koch sold 7,972 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total value of $106,745.08. Following the transaction, the chief executive officer directly owned 30,615 shares in the company, valued at $409,934.85. This represents a 20.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Joanne M. Donovan sold 2,862 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total value of $38,322.18. Following the completion of the transaction, the chief marketing officer owned 25,361 shares in the company, valued at $339,583.79. This represents a 10.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 116,267 shares of company stock valued at $1,677,815 over the last 90 days. 23.20% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.