Tang Capital Management LLC Takes Position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Tang Capital Management LLC acquired a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 300,000 shares of the company's stock, valued at approximately $8,010,000. Tang Capital Management LLC owned approximately 0.32% of Edgewise Therapeutics at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Baker BROS. Advisors LP raised its position in Edgewise Therapeutics by 5.4% in the 4th quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company's stock worth $164,364,000 after purchasing an additional 315,881 shares during the period. Janus Henderson Group PLC lifted 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 during the last quarter. Paradigm Biocapital Advisors LP lifted its stake in shares of Edgewise Therapeutics by 61.1% in 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 last quarter. Braidwell LP boosted its holdings in Edgewise Therapeutics by 19.1% during the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company's stock valued at $62,270,000 after acquiring an additional 373,886 shares during the period. Finally, Deerfield Management Company L.P. Series C grew its position in Edgewise Therapeutics by 16.7% during the 4th 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 during the last quarter.

Insider Buying and Selling

In other Edgewise Therapeutics news, 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 sale, the chief marketing officer now directly owns 21,588 shares of the company's stock, valued at $355,122.60. The trade was a 19.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Kevin Koch sold 4,276 shares of Edgewise Therapeutics 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 $70,340.20. Following the completion of the transaction, the chief executive officer now owns 20,619 shares of the company's stock, valued at approximately $339,182.55. This trade represents a 17.18% 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. Corporate insiders own 23.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on EWTX. Piper Sandler restated an "overweight" rating and set a $51.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Scotiabank cut shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and dropped their price target for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Wedbush reissued an "outperform" rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a report on Monday, April 21st. Royal Bank of Canada decreased their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. 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 price objective on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $40.22.

Edgewise Therapeutics Trading Up 0.2%

NASDAQ EWTX traded up $0.04 on Friday, reaching $14.06. 432,318 shares of the stock were exchanged, compared to its average volume of 1,172,393. The firm has a market capitalization of $1.48 billion, a PE ratio of -9.37 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 50-day simple moving average is $16.08 and its two-hundred day simple moving average is $24.41.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data 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. Sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share 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.