Edgewise Therapeutics, Inc. $EWTX Shares Acquired by MPM Bioimpact LLC

Key Points

• MPM Bioimpact LLC increased its stake in Edgewise Therapeutics by 2.4%, acquiring an additional 26,128 shares, now holding 1,105,444 shares valued at approximately $24.3 million.
• Insider selling has been notable, with CMO Joanne M. Donovan and insider Alan J. Russell selling significant quantities of shares, representing substantial decreases in their ownership stakes.
• Analysts are optimistic about Edgewise Therapeutics, with several firms setting target prices above $30, including a high of $49.00 from Royal Bank of Canada, leading to an average target price of $40.55 among analysts.

MPM Bioimpact LLC grew its position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 2.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,105,444 shares of the company's stock after buying an additional 26,128 shares during the quarter. Edgewise Therapeutics accounts for 4.2% of MPM Bioimpact LLC's holdings, making the stock its 4th largest holding. MPM Bioimpact LLC owned approximately 1.05% of Edgewise Therapeutics worth $24,320,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. GF Fund Management CO. LTD. acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at $53,000. Aquatic Capital Management LLC purchased a new position in Edgewise Therapeutics in the fourth quarter valued at $77,000. Caitong International Asset Management Co. Ltd boosted its holdings in Edgewise Therapeutics by 55.6% in the first 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. Tower Research Capital LLC TRC boosted its holdings in Edgewise Therapeutics by 1,097.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company's stock valued at $98,000 after purchasing an additional 3,369 shares during the period. Finally, AlphaQuest LLC boosted its holdings 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.

Insiders Place Their Bets

In related news, CMO Joanne M. Donovan sold 2,862 shares of the stock in a transaction on Tuesday, August 12th. The stock was 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 approximately $339,583.79. This trade represents a 10.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $14.60, for a total value of $1,460,000.00. Following the completion of the transaction, the insider directly owned 23,400 shares in the company, valued at $341,640. This trade represents a 81.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 116,267 shares of company stock worth $1,677,815. 23.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

Edgewise Therapeutics Price Performance

EWTX opened at $14.35 on Tuesday. The stock has a market cap of $1.51 billion, a P/E ratio of -9.26 and a beta of 0.26. The stock's 50 day simple moving average is $13.79 and its 200 day simple moving average is $16.56. 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 quarterly earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08. Research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal 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.

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