Edgewise Therapeutics, Inc. $EWTX Stock Position Reduced by Driehaus Capital Management LLC

Key Points

• Driehaus Capital Management LLC has reduced its stake in Edgewise Therapeutics, Inc. by 7.9%, now holding about 1.31% of the company worth approximately $30.27 million after selling over 118,000 shares.
• Other institutional investors have been increasing their positions in Edgewise, with Paradigm Biocapital Advisors increasing holdings by 61.1% and Readystate Asset Management LP dramatically increasing by 1,591.0%.
• Edgewise Therapeutics' stock is currently trading at $14.35, with a market capitalization of $1.51 billion and a consensus rating of Moderate Buy from analysts.

Driehaus Capital Management LLC reduced its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,375,742 shares of the company's stock after selling 118,049 shares during the period. Driehaus Capital Management LLC owned about 1.31% of Edgewise Therapeutics worth $30,266,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $53,000. Caitong International Asset Management Co. Ltd boosted its stake in 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 purchasing an additional 1,141 shares during the period. Aquatic Capital Management LLC bought a new stake in shares of Edgewise Therapeutics during the 4th quarter worth about $77,000. Tower Research Capital LLC TRC raised its position 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 worth $98,000 after buying an additional 3,369 shares in the last quarter. Finally, AlphaQuest LLC raised its position in shares of Edgewise Therapeutics by 324.8% during the 1st quarter. AlphaQuest LLC now owns 9,358 shares of the company's stock worth $206,000 after buying an additional 7,155 shares in the last quarter.

Insider Activity

In other news, CMO Joanne M. Donovan sold 2,862 shares of Edgewise Therapeutics 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 $38,322.18. Following the transaction, the chief marketing officer directly owned 25,361 shares of the company's stock, valued at $339,583.79. This trade represents a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel John R. Moore sold 2,098 shares of Edgewise Therapeutics 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 completion of the transaction, the general counsel directly owned 10,214 shares in the company, 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 ninety days, insiders sold 116,267 shares of company stock valued at $1,677,815. 23.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on EWTX shares. HC Wainwright began coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They set a "buy" rating and a $42.00 price target on the stock. Raymond James Financial began coverage on shares of Edgewise Therapeutics in a report on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 target price on the stock. 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. Finally, Royal Bank Of Canada boosted their target price on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $40.55.

Edgewise Therapeutics Stock Up 3.6%

Shares of Edgewise Therapeutics stock traded up $0.51 during trading on Tuesday, hitting $14.86. The stock had a trading volume of 1,048,084 shares, compared to its average volume of 1,207,933. The stock has a 50 day simple moving average of $13.79 and a 200 day simple moving average of $16.56. The company has a market capitalization of $1.57 billion, a PE ratio of -9.59 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.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.08. As a group, equities analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal 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.