Bank of America Corp DE Trims Stock Holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Bank of America Corp DE lessened its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 84.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,907 shares of the company's stock after selling 259,144 shares during the period. Bank of America Corp DE owned about 0.05% of Edgewise Therapeutics worth $1,306,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. BNP Paribas Financial Markets bought a new stake in shares of Edgewise Therapeutics during the 4th quarter worth approximately $883,000. Ameriprise Financial Inc. purchased a new stake in Edgewise Therapeutics in the fourth quarter worth $603,000. Algert Global LLC lifted its position in shares of Edgewise Therapeutics by 1,073.0% during the fourth quarter. Algert Global LLC now owns 110,259 shares of the company's stock worth $2,944,000 after purchasing an additional 100,859 shares during the last quarter. Acuta Capital Partners LLC boosted its stake in shares of Edgewise Therapeutics by 39.1% during the fourth quarter. Acuta Capital Partners LLC now owns 87,658 shares of the company's stock valued at $2,340,000 after purchasing an additional 24,658 shares during the period. Finally, First Light Asset Management LLC bought a new position in shares of Edgewise Therapeutics in the fourth quarter worth about $20,843,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on EWTX. Guggenheim initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, April 30th. They set a "buy" rating and a $41.00 price objective for the company. Royal Bank of Canada reiterated an "outperform" rating and issued a $48.00 price target on shares of Edgewise Therapeutics in a report on Thursday. Scotiabank downgraded Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the stock from $50.00 to $14.00 in a report on Wednesday, April 2nd. Wedbush reaffirmed an "outperform" rating and set a $43.00 target price on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Finally, Piper Sandler reissued an "overweight" rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $39.78.

Insider Transactions at Edgewise Therapeutics

In other news, CEO Kevin Koch sold 4,276 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $70,340.20. Following the sale, the chief executive officer now owns 20,619 shares in the company, valued at approximately $339,182.55. The trade was a 17.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Orbimed Advisors Llc acquired 496,771 shares of the firm's stock in a transaction that occurred on Thursday, April 3rd. The stock was bought at an average cost of $20.13 per share, with a total value of $10,000,000.23. Following the completion of the transaction, the director now directly owns 14,809,075 shares in the company, valued at $298,106,679.75. The trade was a 3.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 14,258 shares of company stock valued at $234,544. Corporate insiders own 23.20% of the company's stock.

Edgewise Therapeutics Stock Performance

EWTX stock traded up $0.42 during trading on Friday, reaching $15.24. 1,196,793 shares of the company traded hands, compared to its average volume of 1,195,175. The business has a 50 day simple moving average of $14.25 and a 200 day simple moving average of $23.04. Edgewise Therapeutics, Inc. has a 12 month low of $10.60 and a 12 month high of $38.12. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of -10.16 and a beta of 0.28.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.02. As a group, research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Edgewise Therapeutics 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.