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

Key Points

• Bank of America acquired 1.56 million shares of Edgewise Therapeutics in the second quarter, valued at approximately $63.3 million and representing about 1.43% of the company.
• Several other institutional investors also increased or initiated positions in EWTX, while insiders sold 238,329 shares worth approximately $9.6 million over the past 90 days, primarily to cover tax obligations.
• Edgewise shares opened at $45.32 after a recent 3.5% decline. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $50.33, although the company recently missed quarterly EPS estimates.

Bank of America Corp DE purchased a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,558,260 shares of the company's stock, valued at approximately $63,312,000. Bank of America Corp DE owned approximately 1.43% of Edgewise Therapeutics at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of EWTX. Janus Henderson Group PLC lifted its position 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 valued at $186,289,000 after purchasing an additional 1,348,706 shares during the period. Persistent Asset Partners Ltd acquired a new stake in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $2,821,000. California State Teachers Retirement System grew its position in shares of Edgewise Therapeutics by 45.7% during the 1st quarter. California State Teachers Retirement System now owns 73,419 shares of the company's stock worth $2,313,000 after buying an additional 23,027 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Edgewise Therapeutics during the second quarter worth approximately $1,807,000. Finally, SEB Asset Management AB bought a new stake in shares of Edgewise Therapeutics during the first quarter worth approximately $6,505,000.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan Russell sold 5,901 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total transaction of $258,050.73. Following the completion of the transaction, the insider owned 31,466 shares of the company's stock, valued at $1,376,008.18. This represents a 15.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John R. Moore sold 5,016 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total transaction of $219,801.12. Following the transaction, the general counsel directly owned 17,697 shares of the company's stock, valued at $775,482.54. This represents a 22.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 238,329 shares of company stock valued at $9,557,529. 21.30% of the stock is currently owned by company insiders.

Edgewise Therapeutics Stock Down 3.5%

Edgewise Therapeutics stock opened at $45.32 on Friday. The company has a 50 day moving average of $42.61 and a 200-day moving average of $37.12. Edgewise Therapeutics, Inc. has a twelve month low of $14.09 and a twelve month high of $48.51. The stock has a market capitalization of $4.92 billion, a PE ratio of -24.50 and a beta of 0.32.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on EWTX. The Goldman Sachs Group increased their price target on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. Oppenheimer initiated coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They set an "outperform" rating and a $51.00 price objective for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Royal Bank Of Canada boosted their price target on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an "outperform" rating in a report on Wednesday, June 17th. Finally, Leerink Partners set a $52.00 price objective on Edgewise Therapeutics in a research note on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.33.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company's research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise's lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.

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