Readystate Asset Management LP Boosts Stock Holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Readystate Asset Management LP raised its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 1,591.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 361,233 shares of the company's stock after acquiring an additional 339,871 shares during the quarter. Readystate Asset Management LP owned approximately 0.34% of Edgewise Therapeutics worth $7,947,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Jennison Associates LLC bought a new position in Edgewise Therapeutics in the 1st quarter valued at approximately $2,832,000. Arizona State Retirement System raised its holdings in Edgewise Therapeutics by 12.3% in the 1st quarter. Arizona State Retirement System now owns 12,201 shares of the company's stock valued at $268,000 after buying an additional 1,338 shares during the last quarter. SG Americas Securities LLC bought a new position in Edgewise Therapeutics in the 1st quarter valued at approximately $283,000. Contravisory Investment Management Inc. bought a new position in Edgewise Therapeutics in the 1st quarter valued at approximately $225,000. Finally, Rhumbline Advisers raised its holdings in Edgewise Therapeutics by 6.3% in the 1st quarter. Rhumbline Advisers now owns 108,837 shares of the company's stock valued at $2,394,000 after buying an additional 6,440 shares during the last quarter.

Edgewise Therapeutics Price Performance

Shares of NASDAQ:EWTX traded down $0.51 during mid-day trading on Friday, hitting $14.12. The company had a trading volume of 759,673 shares, compared to its average volume of 1,295,140. The company has a market capitalization of $1.49 billion, a PE ratio of -9.11 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 firm has a fifty day moving average price of $14.16 and a 200 day moving average price of $19.13.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on EWTX. Royal Bank Of Canada reiterated an "outperform" rating and issued a $48.00 price objective on shares of Edgewise Therapeutics in a report on Thursday, June 5th. Scotiabank lowered shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Wedbush reissued an "outperform" rating and set a $43.00 target price on shares of Edgewise Therapeutics in a research report on Monday, April 21st. HC Wainwright began coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They set a "buy" rating and a $42.00 target price for the company. Finally, Guggenheim began coverage on shares of Edgewise Therapeutics in a research report on Wednesday, April 30th. They set 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 assigned a buy rating to the stock. Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $40.00.

Insider Activity at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 5,187 shares of the 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 directly owned 21,588 shares of the company's stock, valued at $355,122.60. This represents a 19.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel John R. Moore sold 1,930 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 $31,748.50. Following the completion of the sale, the general counsel directly owned 6,531 shares of the company's stock, valued at approximately $107,434.95. The trade was a 22.81% 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. Insiders own 23.20% of the company's stock.

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.