Edgewise Therapeutics, Inc. $EWTX Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Edgewise Therapeutics stake by 45.7% in the first quarter, purchasing 23,027 additional shares and bringing its holdings to 73,419 shares valued at approximately $2.3 million.
• Edgewise shares opened at $44.58, up 2.4%, with a market capitalization of $4.84 billion; the stock has traded between $12.30 and $48.40 over the past year.
• Analysts maintain a consensus “Moderate Buy” rating with a $48.75 target price, although the company missed its latest earnings estimate and an insider recently sold 200,000 shares for $7.9 million.

California State Teachers Retirement System lifted its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 45.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,419 shares of the company's stock after purchasing an additional 23,027 shares during the quarter. California State Teachers Retirement System owned about 0.07% of Edgewise Therapeutics worth $2,313,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Edgewise Therapeutics by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company's stock valued at $963,000 after buying an additional 2,463 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Edgewise Therapeutics in the 1st quarter worth $47,000. Goldman Sachs Group Inc. lifted its stake in shares of Edgewise Therapeutics by 5.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company's stock worth $8,066,000 after acquiring an additional 19,753 shares during the period. Strs Ohio purchased a new stake in shares of Edgewise Therapeutics in the first quarter valued at about $84,000. Finally, Creative Planning boosted its holdings in shares of Edgewise Therapeutics by 29.4% in the second quarter. Creative Planning now owns 16,910 shares of the company's stock valued at $222,000 after acquiring an additional 3,837 shares in the last quarter.

Edgewise Therapeutics Stock Up 2.4%

Shares of NASDAQ EWTX opened at $44.58 on Tuesday. The stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of -24.10 and a beta of 0.30. Edgewise Therapeutics, Inc. has a 52 week low of $12.30 and a 52 week high of $48.40. The firm has a 50-day moving average price of $39.54 and a 200 day moving average price of $34.24.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06). Equities research analysts expect that Edgewise Therapeutics, Inc. will post -2.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

EWTX has been the subject of several analyst reports. The Goldman Sachs Group increased their price target on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, June 17th. Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a report on Wednesday, May 6th. Raymond James Financial reiterated a "strong-buy" rating and set a $66.00 target price on shares of Edgewise Therapeutics in a research report on Monday, June 1st. HC Wainwright reissued a "buy" rating and set a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Finally, Royal Bank Of Canada raised their price target on Edgewise Therapeutics from $48.00 to $59.00 and gave the company an "outperform" rating in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $48.75.

Insider Activity at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 200,000 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total value of $7,882,000.00. Following the sale, the insider owned 24,555 shares in the company, valued at $967,712.55. This represents a 89.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 21.30% of the stock is owned by company insiders.

Edgewise Therapeutics Profile

Edgewise Therapeutics, Inc NASDAQ: EWTX is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise's pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.

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