Readystate Asset Management LP Raises Stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Readystate Asset Management LP increased its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 1,591.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm 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 reporting period.

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

Analyst Upgrades and Downgrades

EWTX has been the topic of several analyst reports. Wedbush reissued an "outperform" rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Scotiabank lowered shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and lowered their price target for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Piper Sandler reaffirmed an "overweight" rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Royal Bank Of Canada restated an "outperform" rating and issued a $48.00 price target on shares of Edgewise Therapeutics in a research note on Thursday, June 5th. 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 research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Edgewise Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $40.00.

Insider Buying and Selling

In related news, CMO Joanne M. Donovan sold 5,187 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $355,122.60. This represents a 19.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel John R. Moore sold 1,930 shares of the stock in a transaction dated Friday, May 2nd. The stock was 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 in the company, valued at $107,434.95. This trade represents a 22.81% decrease in their ownership of the stock. 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. Corporate insiders own 23.20% of the company's stock.

Edgewise Therapeutics Stock Performance

Shares of EWTX stock traded up $0.24 during mid-day trading on Thursday, reaching $14.63. 574,602 shares of the company's stock traded hands, compared to its average volume of 712,159. Edgewise Therapeutics, Inc. has a 12 month low of $10.60 and a 12 month high of $38.12. The company's 50-day moving average price is $14.16 and its 200-day moving average price is $19.13.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.02. On average, equities analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

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.