Candriam S.C.A. Has $4.97 Million Stock Holdings in 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. lessened its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 11.1% in the first quarter, according to its most recent filing 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 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its position in shares of Edgewise Therapeutics by 55.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company's stock valued at $70,000 after acquiring an additional 1,141 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Edgewise Therapeutics by 12.3% in the first quarter. Arizona State Retirement System now owns 12,201 shares of the company's stock valued at $268,000 after purchasing an additional 1,338 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Edgewise Therapeutics by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,313 shares of the company's stock worth $1,103,000 after buying an additional 1,595 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Edgewise Therapeutics by 4.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 40,170 shares of the company's stock worth $1,073,000 after buying an additional 1,760 shares during the period. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Edgewise Therapeutics during the fourth quarter valued at $53,000.

Analyst Upgrades and Downgrades

A number of brokerages have commented on EWTX. Raymond James Financial initiated coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating for the company in a report on Tuesday, August 19th. Guggenheim assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price objective on the stock. Royal Bank Of Canada increased their target price on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, HC Wainwright began coverage on shares of Edgewise Therapeutics in a report on Monday, June 30th. They set a "buy" rating and a $42.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $40.55.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, CEO Kevin Koch sold 7,972 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $106,745.08. Following the sale, the chief executive officer directly owned 30,615 shares in the company, valued at $409,934.85. This trade represents a 20.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel John R. Moore sold 2,098 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $28,092.22. Following the transaction, the general counsel directly owned 10,214 shares of the company's stock, valued at $136,765.46. This represents a 17.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, 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 Up 2.6%

EWTX stock traded up $0.37 during midday trading on Thursday, hitting $14.82. 160,064 shares of the company traded hands, compared to its average volume of 1,206,356. Edgewise Therapeutics, Inc. has a twelve month low of $10.60 and a twelve month high of $38.12. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -9.56 and a beta of 0.26. The business has a 50 day simple moving average of $13.78 and a 200-day simple moving average of $16.92.

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