Edgewise Therapeutics, Inc. $EWTX Shares Sold by Granahan Investment Management LLC

Key Points

• Granahan Investment Management cut its stake in Edgewise Therapeutics by 13.5% in the first quarter, selling 31,452 shares and ending with 200,843 shares worth about $6.33 million.
• Several analysts remain positive on the stock, with recent price targets ranging from $45 to $66. The consensus rating is Moderate Buy, and the average target price is $48.75.
• Edgewise shares were trading around $40.84, up 3.9%, after the company reported a narrower-than-expected quarterly loss of $0.46 per share. Insider selling has also been notable, including large sales by CMO Joanne M. Donovan and insider Alan J. Russell.

Granahan Investment Management LLC reduced its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 13.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 200,843 shares of the company's stock after selling 31,452 shares during the quarter. Granahan Investment Management LLC owned 0.19% of Edgewise Therapeutics worth $6,327,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Morgan Stanley increased its stake in shares of Edgewise Therapeutics by 234.7% in the fourth quarter. Morgan Stanley now owns 2,910,881 shares of the company's stock worth $72,234,000 after buying an additional 2,041,203 shares during the last quarter. UBS Group AG boosted its stake in Edgewise Therapeutics by 1,755.0% during the 4th quarter. UBS Group AG now owns 2,117,073 shares of the company's stock valued at $52,535,000 after acquiring an additional 2,002,945 shares during the last quarter. Norges Bank bought a new position in Edgewise Therapeutics during the 4th quarter valued at $18,645,000. Sofinnova Investments Inc. grew its holdings in Edgewise Therapeutics by 3,185.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company's stock worth $9,398,000 after acquiring an additional 695,055 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Edgewise Therapeutics during the 4th quarter worth $16,925,000.

Analysts Set New Price Targets

EWTX has been the subject of several research analyst reports. Royal Bank Of Canada boosted their target price on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 17th. HC Wainwright reiterated a "buy" rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Raymond James Financial reissued a "strong-buy" rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a report on Monday, June 1st. Evercore restated an "outperform" rating and set a $55.00 price objective on shares of Edgewise Therapeutics in a research note on Monday. Finally, Wedbush increased their target price on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Edgewise Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $48.75.

Edgewise Therapeutics Stock Up 3.9%

Shares of NASDAQ EWTX opened at $40.84 on Friday. The firm's 50-day moving average price is $37.68 and its two-hundred day moving average price is $32.93. Edgewise Therapeutics, Inc. has a 52-week low of $12.30 and a 52-week high of $48.40. The stock has a market capitalization of $4.39 billion, a P/E ratio of -24.60 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, beating analysts' consensus estimates of ($0.50) by $0.04. As a group, equities research analysts expect that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 50,000 shares of the company's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the completion of the transaction, the chief marketing officer directly owned 4,367 shares in the company, valued at $168,435.19. This represents a 91.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alan J. Russell sold 200,000 shares of the stock in a transaction 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 completion of the sale, the insider directly owned 24,555 shares in the company, valued at $967,712.55. This represents a 89.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 255,230 shares of company stock worth $9,974,147. Company insiders own 21.30% of the company's stock.

Edgewise Therapeutics Company 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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