Granahan Investment Management LLC Has $4.79 Million Stock Holdings in Edgewise Therapeutics, Inc. $EWTX

Key Points

• Granahan Investment Management LLC decreased its stake in Edgewise Therapeutics by 27.4% in the first quarter, owning 217,667 shares worth approximately $4.79 million after selling 82,346 shares.
• Several other institutions, including Paradigm Biocapital Advisors LP and First Light Asset Management LLC, significantly increased their stakes in Edgewise, with Paradigm boosting its holdings by 61.1% to nearly 4.5 million shares.
• Edgewise Therapeutics reported a quarterly EPS of (0.34), beating estimates, while analysts have a consensus price target of $40.55 for the stock, indicating potential upside.

Granahan Investment Management LLC cut its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 27.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 217,667 shares of the company's stock after selling 82,346 shares during the period. Granahan Investment Management LLC owned 0.21% of Edgewise Therapeutics worth $4,789,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in EWTX. Point72 Asset Management L.P. purchased a new stake in Edgewise Therapeutics during the 4th quarter worth $2,845,000. GAMMA Investing LLC boosted its position in Edgewise Therapeutics by 2,243.2% during the 1st quarter. GAMMA Investing LLC now owns 30,954 shares of the company's stock worth $681,000 after purchasing an additional 29,633 shares during the period. Aberdeen Group plc lifted its holdings in Edgewise Therapeutics by 75.8% in the 1st quarter. Aberdeen Group plc now owns 313,025 shares of the company's stock worth $6,887,000 after buying an additional 134,982 shares in the last quarter. Ensign Peak Advisors Inc acquired a new position in Edgewise Therapeutics in the 4th quarter worth $2,150,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Edgewise Therapeutics by 231.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 279,125 shares of the company's stock worth $7,453,000 after buying an additional 194,831 shares in the last quarter.

Insider Activity at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of the firm's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $14.60, for a total transaction of $1,460,000.00. Following the transaction, the insider owned 23,400 shares in the company, valued at approximately $341,640. This trade represents a 81.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Joanne M. Donovan sold 2,862 shares of Edgewise Therapeutics stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $38,322.18. Following the completion of the transaction, the chief marketing officer owned 25,361 shares in the company, valued at $339,583.79. This trade represents a 10.14% 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 quarter. 23.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Edgewise Therapeutics Stock Up 1.4%

NASDAQ EWTX traded up $0.21 on Wednesday, hitting $14.96. The stock had a trading volume of 214,002 shares, compared to its average volume of 1,194,734. Edgewise Therapeutics, Inc. has a one year low of $10.60 and a one year high of $38.12. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of -9.65 and a beta of 0.26. The company's 50-day moving average is $13.95 and its two-hundred day moving average is $16.14.

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