Readystate Asset Management LP Purchases 339,871 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Readystate Asset Management LP boosted its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 1,591.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 361,233 shares of the company's stock after buying an additional 339,871 shares during the quarter. Readystate Asset Management LP owned about 0.34% of Edgewise Therapeutics worth $7,947,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of EWTX. Intech Investment Management LLC grew its position in shares of Edgewise Therapeutics by 75.1% in the fourth quarter. Intech Investment Management LLC now owns 34,844 shares of the company's stock valued at $930,000 after purchasing an additional 14,944 shares during the last quarter. Teacher Retirement System of Texas grew its position in shares of Edgewise Therapeutics by 18.9% in the fourth quarter. Teacher Retirement System of Texas now owns 11,143 shares of the company's stock valued at $298,000 after purchasing an additional 1,772 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at about $103,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at about $182,000. Finally, EFG Asset Management North America Corp. acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at about $1,103,000.

Edgewise Therapeutics Stock Up 6.3%

EWTX traded up $0.85 during midday trading on Wednesday, reaching $14.39. 667,857 shares of the company's stock were exchanged, compared to its average volume of 1,178,515. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -9.28 and a beta of 0.25. Edgewise Therapeutics, Inc. has a one year low of $10.60 and a one year high of $38.12. The business has a 50-day simple moving average of $14.16 and a two-hundred day simple moving average of $19.21.

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

Insider Activity

In related news, 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 value of $31,748.50. Following the completion of the transaction, the general counsel owned 6,531 shares in the company, valued at $107,434.95. The trade was a 22.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Joanne M. Donovan sold 5,187 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 transaction of $85,326.15. Following the completion of the transaction, the chief marketing officer owned 21,588 shares of the company's stock, valued at $355,122.60. This trade represents a 19.37% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,258 shares of company stock worth $234,544. 23.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EWTX. HC Wainwright assumed coverage on Edgewise Therapeutics in a research report on Monday, June 30th. They issued a "buy" rating and a $42.00 price target on the stock. Scotiabank cut shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the company from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Wedbush reiterated an "outperform" rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Royal Bank Of Canada reiterated an "outperform" rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, June 5th. Finally, Guggenheim assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a "buy" rating and a $41.00 target price for the company. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.00.

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.