Fred Alger Management LLC Makes New $608,000 Investment in Edgewise Therapeutics, Inc. $EWTX

Key Points

• Fred Alger Management LLC has acquired 27,635 shares of Edgewise Therapeutics, Inc. ($EWTX) valued at approximately $608,000 during Q1.
• Insider selling has been significant, with Alan J. Russell selling 100,000 shares for $1.46 million, representing an 81.04% decrease in his ownership.
• Equity analysts have differing views on Edgewise Therapeutics, with price targets ranging from $30.00 to $49.00, suggesting a consensus target price of around $40.55.

Fred Alger Management LLC purchased a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 27,635 shares of the company's stock, valued at approximately $608,000.

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

Insider Activity

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 2,098 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $28,092.22. Following the transaction, the general counsel directly owned 10,214 shares in the company, valued at $136,765.46. The trade was a 17.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kevin Koch sold 7,972 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $106,745.08. Following the sale, the chief executive officer owned 30,615 shares of the company's stock, valued at $409,934.85. This represents a 20.66% decrease in their position. 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. 23.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on EWTX. HC Wainwright began coverage on shares of Edgewise Therapeutics in a research note on Monday, June 30th. They set a "buy" rating and a $42.00 target price for the company. Royal Bank Of Canada increased their target price on Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Raymond James Financial began coverage on Edgewise Therapeutics in a research note on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating for the company in a research note on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Edgewise Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.55.

Edgewise Therapeutics Trading Down 2.9%

NASDAQ EWTX traded down $0.43 on Friday, reaching $14.24. 573,620 shares of the company were exchanged, compared to its average volume of 786,301. The business's fifty day moving average price is $14.04 and its 200 day moving average price is $15.99. The stock has a market capitalization of $1.50 billion, a P/E ratio of -9.19 and a beta of 0.26. Edgewise Therapeutics, Inc. has a fifty-two week low of $10.60 and a fifty-two week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.08. Equities research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current 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.