Braidwell LP Sells 350,618 Shares of Edgewise Therapeutics, Inc. $EWTX

Key Points

• Braidwell LP reduced its Edgewise Therapeutics stake by 14.9%, selling 350,618 shares in the second quarter and retaining 1,996,965 shares worth approximately $81.1 million.
• Edgewise shares opened at $41.98, near their 50-day average, with a $4.56 billion market capitalization; the company reported a quarterly loss of $0.53 per share, below the $0.47 analyst consensus.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $50.33, while insiders have sold 238,329 shares worth about $9.6 million over the past 90 days.

Braidwell LP reduced its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 14.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,996,965 shares of the company's stock after selling 350,618 shares during the quarter. Edgewise Therapeutics accounts for 3.0% of Braidwell LP's portfolio, making the stock its 6th largest position. Braidwell LP owned approximately 1.84% of Edgewise Therapeutics worth $81,137,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its holdings in Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company's stock worth $33,000 after purchasing an additional 406 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Edgewise Therapeutics in the second quarter valued at about $45,000. Jones Financial Companies Lllp acquired a new position in shares of Edgewise Therapeutics during the first quarter worth about $47,000. KBC Group NV acquired a new position in shares of Edgewise Therapeutics during the first quarter worth about $49,000. Finally, Seven Fleet Capital Management LP bought a new position in shares of Edgewise Therapeutics during the fourth quarter worth about $50,000.

Edgewise Therapeutics Trading Down 0.6%

EWTX opened at $41.98 on Thursday. The stock's fifty day simple moving average is $42.17 and its 200 day simple moving average is $35.99. Edgewise Therapeutics, Inc. has a 1-year low of $13.69 and a 1-year high of $48.40. The stock has a market cap of $4.56 billion, a PE ratio of -22.69 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released 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 forecast that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 5,901 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total transaction of $258,050.73. Following the completion of the sale, the insider directly owned 31,466 shares in the company, valued at $1,376,008.18. This trade represents a 15.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the sale, the chief executive officer owned 52,488 shares of the company's stock, valued at approximately $2,292,675.84. This represents a 25.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 238,329 shares of company stock worth $9,557,529. 21.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

EWTX has been the topic of several research reports. Raymond James Financial restated a "strong-buy" rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Evercore reiterated an "outperform" rating and issued a $55.00 price objective on shares of Edgewise Therapeutics in a report on Monday, July 20th. Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. JPMorgan Chase & Co. increased their target price on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, August 20th. Finally, Wedbush lifted their price target 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. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $50.33.

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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