Edgewise Therapeutics, Inc. $EWTX Shares Sold by Amundi

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 decreased its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 9.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 308,633 shares of the company's stock after selling 33,054 shares during the quarter. Amundi owned 0.29% of Edgewise Therapeutics worth $6,790,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of EWTX. The Manufacturers Life Insurance Company boosted its stake in shares of Edgewise Therapeutics by 4.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 40,170 shares of the company's stock worth $1,073,000 after buying an additional 1,760 shares during the last quarter. Northern Trust Corp grew its holdings in Edgewise Therapeutics by 6.2% in the fourth quarter. Northern Trust Corp now owns 611,306 shares of the company's stock valued at $16,322,000 after purchasing an additional 35,426 shares during the period. Ameriprise Financial Inc. acquired a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $603,000. BNP Paribas Financial Markets acquired a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $883,000. Finally, Balyasny Asset Management L.P. acquired a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $624,000.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Raymond James Financial assumed coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 target price on the stock. JPMorgan Chase & Co. decreased their target price 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. HC Wainwright initiated coverage on Edgewise Therapeutics in a research report on Monday, June 30th. They issued a "buy" rating and a $42.00 target price on the stock. Finally, Royal Bank Of Canada increased their price target on Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.55.

Edgewise Therapeutics Trading Up 2.6%

NASDAQ:EWTX traded up $0.36 during midday trading on Tuesday, reaching $14.06. The company had a trading volume of 868,917 shares, compared to its average volume of 787,041. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of -9.07 and a beta of 0.26. The stock's fifty day simple moving average is $14.09 and its 200-day simple moving average is $15.75. 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 announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08. As a group, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Buying and Selling

In related news, insider Alan J. Russell sold 100,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $14.60, for a total value of $1,460,000.00. Following the transaction, the insider owned 23,400 shares in the company, valued at $341,640. The trade was a 81.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel John R. Moore sold 2,098 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 $28,092.22. Following the completion of the sale, the general counsel directly owned 10,214 shares in the company, valued at $136,765.46. This represents a 17.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 116,267 shares of company stock worth $1,677,815. 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.