Frazier Life Sciences Management L.P. Cuts Holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Frazier Life Sciences Management L.P. cut its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 55.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,271,245 shares of the company's stock after selling 1,561,622 shares during the period. Edgewise Therapeutics comprises about 1.4% of Frazier Life Sciences Management L.P.'s holdings, making the stock its 18th largest holding. Frazier Life Sciences Management L.P. owned about 1.34% of Edgewise Therapeutics worth $33,942,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Barclays PLC raised its holdings in shares of Edgewise Therapeutics by 291.0% in the 3rd quarter. Barclays PLC now owns 119,350 shares of the company's stock valued at $3,186,000 after purchasing an additional 88,826 shares in the last quarter. Moody Aldrich Partners LLC increased its holdings in Edgewise Therapeutics by 24.3% in the fourth quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company's stock valued at $5,018,000 after buying an additional 36,775 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Edgewise Therapeutics by 11.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,077 shares of the company's stock valued at $536,000 after buying an additional 2,042 shares in the last quarter. Rhumbline Advisers lifted its holdings in Edgewise Therapeutics by 1.5% during the 4th quarter. Rhumbline Advisers now owns 102,397 shares of the company's stock worth $2,734,000 after buying an additional 1,525 shares during the last quarter. Finally, AlphaCentric Advisors LLC acquired a new position in shares of Edgewise Therapeutics during the 4th quarter worth about $275,000.

Edgewise Therapeutics Price Performance

Shares of EWTX stock traded up $0.19 during trading hours on Monday, hitting $14.21. The stock had a trading volume of 1,014,539 shares, compared to its average volume of 1,180,990. The firm has a market capitalization of $1.49 billion, a PE ratio of -9.47 and a beta of 0.36. The stock's 50 day moving average is $15.83 and its 200 day moving average is $24.10. Edgewise Therapeutics, Inc. has a twelve month low of $10.60 and a twelve month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.02. As a group, equities analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 5,187 shares of Edgewise Therapeutics stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $85,326.15. Following the transaction, the chief marketing officer now directly owns 21,588 shares in the company, valued at approximately $355,122.60. This trade represents a 19.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Orbimed Advisors Llc bought 496,771 shares of the company's stock in a transaction dated Thursday, April 3rd. The stock was bought at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the acquisition, the director now owns 14,809,075 shares of the company's stock, valued at approximately $298,106,679.75. This trade represents a 3.47% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 14,258 shares of company stock valued at $234,544. Insiders own 23.20% of the company's stock.

Analysts Set New Price Targets

EWTX has been the topic of several research analyst reports. Piper Sandler reissued an "overweight" rating and set a $51.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Royal Bank of Canada cut their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Wedbush restated an "outperform" rating and set a $43.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Scotiabank downgraded shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and dropped their target price for the company from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Finally, Guggenheim assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, April 30th. They set a "buy" rating and a $41.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $40.22.

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.