Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Stake Boosted by GAMMA Investing LLC

GAMMA Investing LLC boosted its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 2,243.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,954 shares of the company's stock after buying an additional 29,633 shares during the quarter. GAMMA Investing LLC's holdings in Edgewise Therapeutics were worth $681,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of EWTX. Paradigm Biocapital Advisors LP grew its position in shares of Edgewise Therapeutics by 61.1% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock valued at $119,988,000 after purchasing an additional 1,704,757 shares during the last quarter. First Light Asset Management LLC bought a new position in Edgewise Therapeutics during the fourth quarter worth about $20,843,000. Foresite Capital Management VI LLC bought a new position in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $15,620,000. Janus Henderson Group PLC raised its stake in shares of Edgewise Therapeutics by 9.3% in the fourth quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock valued at $133,044,000 after acquiring an additional 425,421 shares during the last quarter. Finally, Braidwell LP raised its stake in shares of Edgewise Therapeutics by 19.1% in the fourth quarter. Braidwell LP now owns 2,332,196 shares of the company's stock valued at $62,270,000 after acquiring an additional 373,886 shares during the last quarter.

Wall Street Analysts Forecast Growth

EWTX has been the topic of several research reports. Guggenheim initiated coverage on Edgewise Therapeutics in a report on Wednesday, April 30th. They set a "buy" rating and a $41.00 price objective on the stock. Piper Sandler reissued an "overweight" rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Wedbush reaffirmed an "outperform" rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Scotiabank downgraded shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a research note on Thursday, June 5th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Edgewise Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $39.78.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Alan J. Russell sold 1,551 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $25,513.95. Following the sale, the insider now owns 18,521 shares in the company, valued at $304,670.45. This trade represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Orbimed Advisors Llc bought 496,771 shares of the business's stock in a transaction on Thursday, April 3rd. The stock was bought at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the transaction, the director now directly owns 14,809,075 shares of the company's stock, valued at approximately $298,106,679.75. This represents a 3.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 14,258 shares of company stock worth $234,544. Corporate insiders own 23.20% of the company's stock.

Edgewise Therapeutics Stock Down 1.3%

Edgewise Therapeutics stock opened at $14.49 on Wednesday. The stock has a market cap of $1.52 billion, a P/E ratio of -9.35 and a beta of 0.28. Edgewise Therapeutics, Inc. has a twelve month low of $10.60 and a twelve month high of $38.12. The company's 50-day moving average price is $14.52 and its two-hundred day moving average price is $22.03.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.02. Equities analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Edgewise Therapeutics Company Profile

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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