Jennison Associates LLC Purchases New Stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Jennison Associates LLC purchased a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 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 filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in EWTX. Diadema Partners LP purchased a new stake in Edgewise Therapeutics during the 4th quarter valued at approximately $36,000. GF Fund Management CO. LTD. purchased a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $53,000. Aquatic Capital Management LLC purchased a new stake in Edgewise Therapeutics in the 4th quarter worth approximately $77,000. Tower Research Capital LLC TRC raised its stake in shares of Edgewise Therapeutics by 1,097.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company's stock worth $98,000 after buying an additional 3,369 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Edgewise Therapeutics in the 4th quarter valued at $103,000.

Insider Buying and Selling at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 5,187 shares of Edgewise Therapeutics stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $85,326.15. Following the transaction, the chief marketing officer owned 21,588 shares in the company, valued at approximately $355,122.60. The trade was a 19.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel John R. Moore sold 1,930 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $31,748.50. Following the sale, the general counsel owned 6,531 shares in the company, valued at $107,434.95. This represents a 22.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,258 shares of company stock worth $234,544 over the last three months. 23.20% of the stock is currently owned by corporate insiders.

Edgewise Therapeutics Stock Down 1.1%

NASDAQ EWTX opened at $13.39 on Tuesday. The business has a 50 day moving average price of $14.22 and a 200-day moving average price of $19.38. Edgewise Therapeutics, Inc. has a 52 week low of $10.60 and a 52 week high of $38.12. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -8.64 and a beta of 0.25.

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Scotiabank cut Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and decreased their target price for the company from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Piper Sandler reiterated an "overweight" rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Royal Bank Of Canada reiterated an "outperform" rating and set a $48.00 price target on shares of Edgewise Therapeutics in a report on Thursday, June 5th. Wedbush reissued an "outperform" rating and set a $43.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Finally, HC Wainwright began coverage on Edgewise Therapeutics in a research report on Monday, June 30th. They issued a "buy" rating and a $42.00 target price on the stock. 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.com, the company has an average rating of "Moderate Buy" and a consensus target price of $40.00.

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.

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