27,635 Shares in Edgewise Therapeutics, Inc. $EWTX Bought by Fred Alger Management LLC

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 stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 27,635 shares of the company's stock, valued at approximately $608,000.

Other large investors have also recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its holdings in Edgewise Therapeutics by 5.7% during the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company's stock valued at $8,066,000 after buying an additional 19,753 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Edgewise Therapeutics during the 1st quarter valued at about $47,000. Parkman Healthcare Partners LLC raised its stake in shares of Edgewise Therapeutics by 11.6% in the 1st quarter. Parkman Healthcare Partners LLC now owns 425,407 shares of the company's stock valued at $9,359,000 after acquiring an additional 44,234 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Edgewise Therapeutics by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company's stock valued at $963,000 after acquiring an additional 2,463 shares in the last quarter. Finally, EFG Asset Management North America Corp. lifted its holdings in Edgewise Therapeutics by 152.5% in the 1st quarter. EFG Asset Management North America Corp. now owns 104,386 shares of the company's stock worth $2,297,000 after purchasing an additional 63,048 shares during the last quarter.

Edgewise Therapeutics Stock Performance

EWTX traded up $0.36 during midday trading on Tuesday, reaching $14.06. 868,917 shares of the company were exchanged, compared to its average volume of 787,041. The stock has a market capitalization of $1.48 billion, a P/E ratio of -9.07 and a beta of 0.26. Edgewise Therapeutics, Inc. has a one year low of $10.60 and a one year high of $38.12. The stock's 50-day simple moving average is $14.09 and its 200 day simple moving average is $15.75.

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 for the quarter, beating analysts' consensus estimates of ($0.42) by $0.08. On average, research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity

In related news, CMO Joanne M. Donovan sold 2,862 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value 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 represents a 10.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel John R. Moore sold 2,098 shares of Edgewise Therapeutics stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total value of $28,092.22. Following the transaction, the general counsel owned 10,214 shares in the company, valued at approximately $136,765.46. This represents a 17.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 116,267 shares of company stock valued at $1,677,815. 23.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Royal Bank Of Canada increased their price target on Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a report on Friday, August 8th. JPMorgan Chase & Co. dropped their target price 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. HC Wainwright began coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They set a "buy" rating and a $42.00 target price for the company. Finally, Raymond James Financial began coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 price target on the stock. One investment 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 stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $40.55.

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.