Hsbc Holdings PLC Purchases New Shares in Edgewise Therapeutics, Inc. $EWTX

Key Points

• HSBC Holdings acquired 91,638 shares of Edgewise Therapeutics worth approximately $3.7 million, representing about 0.08% of the company; several other institutional investors also increased or initiated positions.
• Edgewise shares opened at $42.76, near their 52-week high, with a market capitalization of approximately $4.64 billion. Analysts maintain a “Moderate Buy” consensus and an average price target of $50.33, despite the company reporting quarterly EPS of -$0.53, below expectations.
• Company insiders sold $9.56 million worth of shares over the past three months, including transactions by the general counsel and chief marketing officer to cover tax obligations related to equity awards; insiders retain 21.3% ownership.

Hsbc Holdings PLC acquired a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 91,638 shares of the company's stock, valued at approximately $3,723,000. Hsbc Holdings PLC owned approximately 0.08% of Edgewise Therapeutics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EWTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Edgewise Therapeutics by 6.0% during the first 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. Jones Financial Companies Lllp acquired a new position in shares of Edgewise Therapeutics in the first quarter worth about $47,000. Goldman Sachs Group Inc. boosted its holdings in Edgewise Therapeutics by 5.7% in the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company's stock valued at $8,066,000 after purchasing an additional 19,753 shares during the last quarter. Strs Ohio purchased a new position in Edgewise Therapeutics in the first quarter valued at about $84,000. Finally, Creative Planning grew its stake in Edgewise Therapeutics by 29.4% during the 2nd quarter. Creative Planning now owns 16,910 shares of the company's stock valued at $222,000 after purchasing an additional 3,837 shares in the last quarter.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $42.76 on Friday. The company's fifty day moving average is $42.00 and its two-hundred day moving average is $35.71. Edgewise Therapeutics, Inc. has a 1-year low of $13.69 and a 1-year high of $48.40. The stock has a market capitalization of $4.64 billion, a price-to-earnings ratio of -23.11 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.06). Sell-side analysts expect that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EWTX. Oppenheimer began coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an "outperform" rating and a $51.00 target price on the stock. Guggenheim raised their price target on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, July 6th. Evercore reaffirmed an "outperform" rating and issued a $55.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 20th. JPMorgan Chase & Co. boosted their target price on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, August 20th. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $50.33.

Insider Buying and Selling

In other news, General Counsel John R. Moore sold 5,016 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total transaction of $219,801.12. Following the sale, the general counsel directly owned 17,697 shares in the company, valued at approximately $775,482.54. This represents a 22.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 6,522 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.85, for a total value of $285,989.70. Following the completion of the sale, the chief marketing officer directly owned 11,544 shares in the company, valued at approximately $506,204.40. This trade represents a 36.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 238,329 shares of company stock valued at $9,557,529 over the last three months. 21.30% of the stock is owned by company insiders.

Edgewise Therapeutics Profile

Edgewise Therapeutics, Inc NASDAQ: EWTX is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise's pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.

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