Eventide Asset Management LLC Invests $12.50 Million in 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 Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 568,310 shares of the company's stock, valued at approximately $12,503,000. Eventide Asset Management LLC owned about 0.54% of Edgewise Therapeutics as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in EWTX. Dimensional Fund Advisors LP lifted its position in shares of Edgewise Therapeutics by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 729,923 shares of the company's stock worth $19,491,000 after purchasing an additional 3,052 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of Edgewise Therapeutics by 1,097.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company's stock worth $98,000 after acquiring an additional 3,369 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Edgewise Therapeutics by 23.3% during the 4th quarter. Hsbc Holdings PLC now owns 10,759 shares of the company's stock worth $283,000 after acquiring an additional 2,031 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Edgewise Therapeutics by 22.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 29,050 shares of the company's stock valued at $776,000 after purchasing an additional 5,242 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Edgewise Therapeutics by 4.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 40,170 shares of the company's stock valued at $1,073,000 after purchasing an additional 1,760 shares during the period.

Wall Street Analyst Weigh In

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

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 2,862 shares of the business's stock in a transaction dated 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 sale, the chief marketing officer owned 25,361 shares of the company's stock, valued at approximately $339,583.79. The trade was a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Kevin Koch sold 7,972 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total value of $106,745.08. Following the completion of the transaction, the chief executive officer directly owned 30,615 shares in the company, valued at $409,934.85. This trade represents a 20.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 116,267 shares of company stock valued at $1,677,815. Company insiders own 23.20% of the company's stock.

Edgewise Therapeutics Stock Down 0.9%

Shares of NASDAQ EWTX traded down $0.13 during midday trading on Tuesday, hitting $14.75. The stock had a trading volume of 661,451 shares, compared to its average volume of 1,200,541. The business's 50 day moving average is $13.91 and its 200-day moving average is $16.15. Edgewise Therapeutics, Inc. has a 52 week low of $10.60 and a 52 week high of $38.12. The company has a market cap of $1.55 billion, a P/E ratio of -9.52 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.42) by $0.08. As a group, 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.