Candriam S.C.A. Sells 28,169 Shares of Edgewise Therapeutics, Inc. $EWTX

Key Points

• Candriam S.C.A. has decreased its stake in Edgewise Therapeutics by 11.1%, now owning approximately 225,796 shares valued at $4.97 million.
• Several large investors, including Caitong International Asset Management and Arizona State Retirement System, have increased their positions in Edgewise Therapeutics, indicating growing institutional interest.
• Analysts have issued a Moderate Buy rating on Edgewise Therapeutics, with an average price target of $40.55, despite JPMorgan lowering their target from $40.00 to $30.00.

Candriam S.C.A. decreased its position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 11.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 225,796 shares of the company's stock after selling 28,169 shares during the period. Candriam S.C.A. owned about 0.22% of Edgewise Therapeutics worth $4,968,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in EWTX. GF Fund Management CO. LTD. bought a new stake in Edgewise Therapeutics in the fourth quarter valued at $53,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Edgewise Therapeutics by 55.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company's stock valued at $70,000 after buying an additional 1,141 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at $77,000. Tower Research Capital LLC TRC boosted its holdings in shares of Edgewise Therapeutics by 1,097.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company's stock valued at $98,000 after buying an additional 3,369 shares in the last quarter. Finally, Contravisory Investment Management Inc. bought a new stake in shares of Edgewise Therapeutics during the 1st quarter valued at $225,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Raymond James Financial assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 target price on the stock. Royal Bank Of Canada boosted their target price on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a report on Friday, August 8th. JPMorgan Chase & Co. dropped their target price on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating on the stock in a report on Tuesday, August 19th. Guggenheim assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, April 30th. They set a "buy" rating and a $41.00 target price on the stock. Finally, HC Wainwright assumed coverage on shares of Edgewise Therapeutics in a report on Monday, June 30th. They set a "buy" rating and a $42.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $40.55.

Insider Activity

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 2,098 shares of the company's 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 transaction, the general counsel directly owned 10,214 shares in the company, valued at $136,765.46. This represents a 17.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Kevin Koch sold 7,972 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $106,745.08. Following the completion of the transaction, the chief executive officer owned 30,615 shares of the company's stock, valued at approximately $409,934.85. The trade was a 20.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,267 shares of company stock valued at $217,815. Company insiders own 23.20% of the company's stock.

Edgewise Therapeutics Stock Performance

Shares of EWTX traded up $0.30 during mid-day trading on Tuesday, hitting $14.60. 2,235,648 shares of the company traded hands, compared to its average volume of 1,216,924. The stock has a 50-day moving average price of $13.78 and a two-hundred day moving average price of $16.96. Edgewise Therapeutics, Inc. has a 1 year low of $10.60 and a 1 year high of $38.12. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -9.42 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.34) EPS for the quarter, beating analysts' consensus estimates of ($0.42) by $0.08. On average, 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.