Parkman Healthcare Partners LLC Raises Position in Edgewise Therapeutics, Inc. $EWTX

Key Points

• Parkman Healthcare Partners LLC increased its stake in Edgewise Therapeutics, Inc. by 11.6%, acquiring an additional 44,234 shares during the first quarter, and now owns a total of 425,407 shares valued at approximately $9.36 million.
• Equity analysts have varying outlooks for Edgewise, with Royal Bank of Canada raising its price objective to $49, while JPMorgan Chase lowered it to $30; the consensus rating is a "Moderate Buy" with an average target of $40.55.
• Insider sales have recently occurred, including General Counsel John R. Moore, who sold 2,098 shares, and an insider named Alan J. Russell, who sold 100,000 shares, indicating significant changes in their holdings.

Parkman Healthcare Partners LLC increased its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 11.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 425,407 shares of the company's stock after purchasing an additional 44,234 shares during the period. Parkman Healthcare Partners LLC owned 0.40% of Edgewise Therapeutics worth $9,359,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in 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 worth $963,000 after purchasing an additional 2,463 shares in the last quarter. EFG Asset Management North America Corp. boosted its stake 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 in the last quarter. Eventide Asset Management LLC acquired a new stake in Edgewise Therapeutics in the 1st quarter worth approximately $12,503,000. Cormorant Asset Management LP boosted its stake in Edgewise Therapeutics by 20.4% in the 1st quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company's stock worth $90,244,000 after purchasing an additional 695,458 shares in the last quarter. Finally, Allostery Investments LP acquired a new stake in Edgewise Therapeutics in the 1st quarter worth approximately $66,000.

Edgewise Therapeutics Trading Down 0.9%

Shares of NASDAQ EWTX traded down $0.13 during trading on Tuesday, reaching $14.75. 661,657 shares of the company traded hands, compared to its average volume of 786,605. The firm's fifty day simple moving average is $13.95 and its 200 day simple moving average is $16.14. The stock has a market cap of $1.55 billion, a P/E ratio of -9.52 and a beta of 0.26. Edgewise Therapeutics, Inc. has a 12-month low of $10.60 and a 12-month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.34) EPS for the quarter, beating analysts' consensus estimates of ($0.42) by $0.08. As a group, research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. HC Wainwright assumed coverage on Edgewise Therapeutics in a research note on Monday, June 30th. They issued a "buy" rating and a $42.00 target price for the company. JPMorgan Chase & Co. reduced their target price 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. Royal Bank Of Canada raised their target price on Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Finally, Raymond James Financial initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $40.55.

Insiders Place Their Bets

In other news, CMO Joanne M. Donovan sold 2,862 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $38,322.18. Following the sale, the chief marketing officer directly owned 25,361 shares in the company, valued at $339,583.79. This trade represents a 10.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the firm's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $14.60, for a total value of $1,460,000.00. Following the sale, the insider owned 23,400 shares in the company, valued at $341,640. This trade represents a 81.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 116,267 shares of company stock valued at $1,677,815 over the last quarter. Insiders own 23.20% of the company's stock.

Edgewise Therapeutics Company 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.