Eventide Asset Management LLC Acquires Shares of 568,310 Edgewise Therapeutics, Inc. $EWTX

Key Points

• Eventide Asset Management LLC acquired 568,310 shares of Edgewise Therapeutics, valued at approximately $12.5 million, representing a 0.54% stake in the company as of its latest SEC filing.
• Insider trading activity included CEO Kevin Koch and CMO Joanne M. Donovan selling shares, with insiders collectively selling 116,267 shares worth about $1.68 million in the last quarter.
• Edgewise Therapeutics has an average stock rating of "Moderate Buy" from analysts, with a range of price targets suggesting significant upside potential for investors.

Eventide Asset Management LLC acquired a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 568,310 shares of the company's stock, valued at approximately $12,503,000. Eventide Asset Management LLC owned 0.54% of Edgewise Therapeutics at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Edgewise Therapeutics by 55.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company's stock worth $70,000 after buying an additional 1,141 shares during the period. Arizona State Retirement System boosted its holdings in shares of Edgewise Therapeutics by 12.3% during the 1st quarter. Arizona State Retirement System now owns 12,201 shares of the company's stock worth $268,000 after buying an additional 1,338 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Edgewise Therapeutics by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,313 shares of the company's stock worth $1,103,000 after buying an additional 1,595 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Edgewise Therapeutics by 4.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 40,170 shares of the company's stock worth $1,073,000 after buying an additional 1,760 shares during the period. Finally, GF Fund Management CO. LTD. bought a new stake in Edgewise Therapeutics in the 4th quarter valued at $53,000.

Edgewise Therapeutics Stock Performance

Shares of EWTX stock traded up $0.20 during mid-day trading on Wednesday, reaching $14.95. The company's stock had a trading volume of 200,228 shares, compared to its average volume of 1,194,517. Edgewise Therapeutics, Inc. has a 1-year low of $10.60 and a 1-year high of $38.12. The company has a market cap of $1.58 billion, a P/E ratio of -9.65 and a beta of 0.26. The firm'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 announced its earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08. Sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Royal Bank Of Canada increased their price target on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a report on Friday, August 8th. HC Wainwright assumed coverage on shares of Edgewise Therapeutics in a report on Monday, June 30th. They issued a "buy" rating and a $42.00 price target for the company. Raymond James Financial assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 price target for the company. Finally, JPMorgan Chase & Co. reduced their price target on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating for the company in a report on Tuesday, August 19th. 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's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $40.55.

Insider Activity

In related news, CMO Joanne M. Donovan sold 2,862 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $38,322.18. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel John R. Moore sold 2,098 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $28,092.22. Following the sale, the general counsel owned 10,214 shares of the company's stock, valued at $136,765.46. This trade represents a 17.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 116,267 shares of company stock worth $1,677,815. Company insiders own 23.20% of the company's stock.

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.