Edgewise Therapeutics, Inc. $EWTX Shares Acquired by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Edgewise Therapeutics by 62.5%, owning 390,000 shares worth approximately $8.58 million following the acquisition of an additional 150,000 shares.
• Research firms have varying views on Edgewise Therapeutics, with Royal Bank of Canada raising its price objective to $49 and JPMorgan lowering its target to $30.
• Insider trading activity shows that key executives sold shares, with CMO Joanne M. Donovan reducing her ownership by 10.14% and CEO Kevin Koch by 20.66% in recent transactions.

Adage Capital Partners GP L.L.C. boosted its position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 62.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 390,000 shares of the company's stock after purchasing an additional 150,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.37% of Edgewise Therapeutics worth $8,580,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. GF Fund Management CO. LTD. bought a new position in Edgewise Therapeutics in the fourth quarter worth about $53,000. Caitong International Asset Management Co. Ltd grew 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 last quarter. Tower Research Capital LLC TRC grew its stake in shares of 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 acquiring an additional 3,369 shares during the last quarter. AlphaQuest LLC grew its stake in shares of Edgewise Therapeutics by 324.8% during the first quarter. AlphaQuest LLC now owns 9,358 shares of the company's stock worth $206,000 after acquiring an additional 7,155 shares during the last quarter. Finally, Contravisory Investment Management Inc. purchased a new stake in shares of Edgewise Therapeutics during the first quarter worth about $225,000.

Edgewise Therapeutics Stock Performance

NASDAQ EWTX traded down $0.43 during trading hours on Friday, reaching $14.24. The stock had a trading volume of 573,620 shares, compared to its average volume of 786,301. The stock has a fifty day moving average of $14.04 and a 200 day moving average of $15.99. The stock has a market cap of $1.50 billion, a P/E ratio of -9.19 and a beta of 0.26. Edgewise Therapeutics, Inc. has a 52-week low of $10.60 and a 52-week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued 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, equities research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

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 stock was sold at an average price of $13.39, for a total value of $28,092.22. Following the sale, the general counsel owned 10,214 shares in the company, valued at approximately $136,765.46. This represents a 17.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 value of $106,745.08. Following the completion of the sale, the chief executive officer owned 30,615 shares in the company, valued at approximately $409,934.85. This represents a 20.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 116,267 shares of company stock worth $1,677,815 in the last ninety days. Corporate insiders own 23.20% of the company's stock.

Analysts Set New Price Targets

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

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.