Edgewise Therapeutics, Inc. $EWTX is First Light Asset Management LLC's 9th Largest Position

Key Points

• First Light Asset Management LLC has significantly increased its holdings in Edgewise Therapeutics by 137.3%, acquiring over 1 million additional shares, which now represents 4.6% of its portfolio.
• Analyst reports on Edgewise Therapeutics show a largely positive outlook, with ratings including a "strong-buy" from Raymond James and a price target increase by Royal Bank of Canada.
• The stock of Edgewise Therapeutics currently has a market capitalization of $1.51 billion and a PE ratio of -9.26, indicative of its current financial performance in the market.

First Light Asset Management LLC grew its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 137.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,852,290 shares of the company's stock after acquiring an additional 1,071,651 shares during the period. Edgewise Therapeutics accounts for approximately 4.6% of First Light Asset Management LLC's portfolio, making the stock its 9th largest holding. First Light Asset Management LLC owned 1.76% of Edgewise Therapeutics worth $40,750,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth $2,845,000. GAMMA Investing LLC lifted its position in shares of Edgewise Therapeutics by 2,243.2% during the first quarter. GAMMA Investing LLC now owns 30,954 shares of the company's stock worth $681,000 after acquiring an additional 29,633 shares in the last quarter. Aberdeen Group plc raised its position in shares of Edgewise Therapeutics by 75.8% in the first 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 purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter worth $2,150,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Edgewise Therapeutics by 231.1% in the fourth 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.

Edgewise Therapeutics Trading Up 6.5%

Shares of NASDAQ:EWTX traded up $0.95 on Friday, reaching $15.57. 847,053 shares of the company traded hands, compared to its average volume of 760,660. The business's 50-day simple moving average is $13.88 and its 200 day simple moving average is $16.39. Edgewise Therapeutics, Inc. has a 52 week low of $10.60 and a 52 week high of $38.12. The stock has a market capitalization of $1.64 billion, a P/E ratio of -10.05 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data 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. Sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Joanne M. Donovan sold 2,862 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 $38,322.18. Following the sale, the chief marketing officer directly owned 25,361 shares of the company's stock, valued at $339,583.79. This trade represents a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Alan J. Russell sold 100,000 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $14.60, for a total value of $1,460,000.00. Following the completion of the sale, the insider directly owned 23,400 shares in the company, valued at $341,640. The trade was a 81.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 116,267 shares of company stock valued at $1,677,815 over the last three months. Company insiders own 23.20% of the company's stock.

Wall Street Analyst Weigh In

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

Edgewise Therapeutics 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.