Bank of America Corp DE Decreases Position in Edgewise Therapeutics, Inc. $EWTX

Key Points

• Bank of America reduced its Edgewise Therapeutics stake by 10% in the first quarter, selling 147,437 shares and retaining 1.33 million shares valued at approximately $41.8 million.
• Several institutional investors increased their holdings, including Janus Henderson, UBS Group and California State Teachers Retirement System, indicating continued institutional interest in EWTX.
• Edgewise shares opened at $43.18, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $49.08. The company nevertheless missed its latest quarterly EPS estimate, reporting a loss of $0.53 per share versus expectations of $0.47.

Bank of America Corp DE reduced its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 10.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,327,360 shares of the company's stock after selling 147,437 shares during the quarter. Bank of America Corp DE owned 1.23% of Edgewise Therapeutics worth $41,812,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of EWTX. Janus Henderson Group PLC increased its stake in Edgewise Therapeutics by 29.5% during the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company's stock worth $186,289,000 after buying an additional 1,348,706 shares during the period. UBS Group AG grew its stake in shares of Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company's stock valued at $52,535,000 after acquiring an additional 2,002,945 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Edgewise Therapeutics by 45.7% during the first quarter. California State Teachers Retirement System now owns 73,419 shares of the company's stock worth $2,313,000 after acquiring an additional 23,027 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its position in shares of Edgewise Therapeutics by 104.8% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 271,385 shares of the company's stock worth $6,734,000 after acquiring an additional 138,882 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new stake in Edgewise Therapeutics during the 4th quarter worth approximately $446,000.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX opened at $43.18 on Friday. Edgewise Therapeutics, Inc. has a 1 year low of $13.50 and a 1 year high of $48.40. The firm has a market cap of $4.69 billion, a P/E ratio of -23.34 and a beta of 0.30. The stock has a fifty day moving average price of $39.95 and a two-hundred day moving average price of $34.55.

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). On average, research analysts predict that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

EWTX has been the subject of a number of research analyst reports. Oppenheimer started coverage on shares of Edgewise Therapeutics in a research note on Thursday, July 9th. They issued an "outperform" rating and a $51.00 price target for the company. Royal Bank Of Canada upped their price target on Edgewise Therapeutics from $48.00 to $59.00 and gave the company an "outperform" rating in a research report on Wednesday, June 17th. Wedbush boosted their target price on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. HC Wainwright reiterated a "buy" rating and set a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Edgewise Therapeutics in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $49.08.

Insiders Place Their Bets

In other news, insider Alan J. Russell sold 200,000 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The shares were 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 $967,712.55. The trade was a 89.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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