Point72 Asset Management L.P. Invests $2.85 Million in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Point72 Asset Management L.P. bought a new stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 106,562 shares of the company's stock, valued at approximately $2,845,000. Point72 Asset Management L.P. owned approximately 0.11% of Edgewise Therapeutics at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in EWTX. Baker BROS. Advisors LP lifted its stake in Edgewise Therapeutics by 5.4% in the fourth quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company's stock valued at $164,364,000 after buying an additional 315,881 shares during the period. Janus Henderson Group PLC increased its stake in shares of Edgewise Therapeutics by 9.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock valued at $133,044,000 after acquiring an additional 425,421 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its position in shares of Edgewise Therapeutics by 61.1% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock valued at $119,988,000 after acquiring an additional 1,704,757 shares during the period. Braidwell LP boosted its stake in Edgewise Therapeutics by 19.1% during the fourth quarter. Braidwell LP now owns 2,332,196 shares of the company's stock worth $62,270,000 after acquiring an additional 373,886 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C boosted its stake in Edgewise Therapeutics by 16.7% during the fourth quarter. Deerfield Management Company L.P. Series C now owns 2,078,509 shares of the company's stock worth $55,496,000 after acquiring an additional 297,503 shares in the last quarter.

Edgewise Therapeutics Stock Performance

EWTX traded up $0.19 during midday trading on Monday, reaching $14.21. 1,014,539 shares of the company were exchanged, compared to its average volume of 1,180,990. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -9.47 and a beta of 0.36. Edgewise Therapeutics, Inc. has a one year low of $10.60 and a one year high of $38.12. The company's fifty day moving average price is $15.83 and its 200 day moving average price is $24.10.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.02. As a group, sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Royal Bank of Canada decreased their target price on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Wedbush reaffirmed an "outperform" rating and set a $43.00 price target on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Scotiabank cut Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the company from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Finally, Guggenheim initiated coverage on Edgewise Therapeutics in a report on Wednesday, April 30th. They set a "buy" rating and a $41.00 price objective for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $40.22.

Insiders Place Their Bets

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 1,930 shares of Edgewise Therapeutics 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 transaction, the general counsel now owns 6,531 shares of the company's stock, valued at $107,434.95. This trade represents a 22.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alan J. Russell sold 1,551 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $25,513.95. Following the completion of the transaction, the insider now owns 18,521 shares in the company, valued at $304,670.45. The trade was a 7.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,258 shares of company stock valued at $234,544 in the last three months. 23.20% of the stock is currently owned by 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.