Edgewise Therapeutics, Inc. $EWTX Holdings Lifted by Cormorant Asset Management LP

Key Points

• Cormorant Asset Management LP has increased its stake in Edgewise Therapeutics by 20.4%, owning approximately 4.1 million shares valued at $90.24 million, making it the firm's second largest position.
• Edgewise Therapeutics reported a quarterly earnings per share (EPS) of ($0.34), exceeding expectations and has a market cap of $1.54 billion.
• Wall Street analysts have a generally positive outlook on Edgewise, with several ratings including a "strong-buy" and an average price target of $40.55 for the stock.

Cormorant Asset Management LP lifted its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 20.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,101,992 shares of the company's stock after purchasing an additional 695,458 shares during the quarter. Edgewise Therapeutics comprises approximately 6.8% of Cormorant Asset Management LP's portfolio, making the stock its 2nd biggest position. Cormorant Asset Management LP owned about 3.90% of Edgewise Therapeutics worth $90,244,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. GF Fund Management CO. LTD. purchased a new position in Edgewise Therapeutics during the 4th quarter worth $53,000. Allostery Investments LP acquired a new position in shares of Edgewise Therapeutics during the first quarter worth about $66,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Edgewise Therapeutics by 55.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company's stock worth $70,000 after acquiring an additional 1,141 shares during the period. Tower Research Capital LLC TRC raised its holdings in Edgewise Therapeutics by 1,097.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company's stock worth $98,000 after purchasing an additional 3,369 shares in the last quarter. Finally, AlphaQuest LLC lifted its position in Edgewise Therapeutics by 324.8% in the first quarter. AlphaQuest LLC now owns 9,358 shares of the company's stock valued at $206,000 after purchasing an additional 7,155 shares during the period.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CEO Kevin Koch sold 7,972 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 value of $106,745.08. Following the sale, the chief executive officer owned 30,615 shares of the company's stock, valued at $409,934.85. This represents a 20.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel John R. Moore sold 2,098 shares of the firm'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 $28,092.22. Following the transaction, the general counsel directly owned 10,214 shares of the company's stock, valued at approximately $136,765.46. This trade represents a 17.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 116,267 shares of company stock worth $1,677,815. 23.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

Edgewise Therapeutics Price Performance

EWTX traded down $0.69 during trading on Monday, reaching $14.88. 916,677 shares of the stock were exchanged, compared to its average volume of 1,203,318. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -9.60 and a beta of 0.26. Edgewise Therapeutics, Inc. has a 1 year low of $10.60 and a 1 year high of $38.12. The business's 50 day moving average price is $13.88 and its two-hundred day moving average price is $16.24.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, beating analysts' consensus estimates of ($0.42) by $0.08. On average, analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

About Edgewise Therapeutics

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.