Jennison Associates LLC Takes Position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Jennison Associates LLC acquired a new stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 128,746 shares of the company's stock, valued at approximately $2,832,000. Jennison Associates LLC owned approximately 0.12% of Edgewise Therapeutics as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Diadema Partners LP bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $36,000. GF Fund Management CO. LTD. bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $53,000. Aquatic Capital Management LLC bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $77,000. Tower Research Capital LLC TRC grew its holdings in shares of Edgewise Therapeutics by 1,097.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company's stock valued at $98,000 after purchasing an additional 3,369 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $103,000.

Edgewise Therapeutics Trading Down 3.5%

Edgewise Therapeutics stock traded down $0.51 during mid-day trading on Friday, hitting $14.12. 766,663 shares of the company's stock were exchanged, compared to its average volume of 570,543. The stock has a market cap of $1.49 billion, a P/E ratio of -9.11 and a beta of 0.25. Edgewise Therapeutics, Inc. has a 1-year low of $10.60 and a 1-year high of $38.12. The stock has a 50 day moving average of $14.15 and a two-hundred day moving average of $19.05.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on EWTX shares. Scotiabank lowered Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Wedbush reissued an "outperform" rating and issued a $43.00 price objective on shares of Edgewise Therapeutics in a report on Monday, April 21st. HC Wainwright assumed coverage on Edgewise Therapeutics in a report on Monday, June 30th. They issued a "buy" rating and a $42.00 price objective for the company. Piper Sandler reiterated an "overweight" rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a research report on Thursday, June 5th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.00.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 5,187 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $85,326.15. Following the completion of the transaction, the chief marketing officer owned 21,588 shares in the company, valued at $355,122.60. This trade represents a 19.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Alan J. Russell sold 1,551 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $25,513.95. Following the transaction, the insider owned 18,521 shares of the company's stock, valued at approximately $304,670.45. This represents a 7.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,258 shares of company stock valued at $234,544 in the last ninety days. 23.20% of the stock is owned by corporate insiders.

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.