Tang Capital Management LLC Invests $8.01 Million in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Tang Capital Management LLC purchased a new stake 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 firm purchased 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 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in EWTX. Summit Investment Advisors Inc. lifted its stake in Edgewise Therapeutics by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company's stock valued at $203,000 after acquiring an additional 482 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Edgewise Therapeutics by 1.7% in the 4th quarter. Alliancebernstein L.P. now owns 77,260 shares of the company's stock worth $2,063,000 after purchasing an additional 1,300 shares during the period. Diadema Partners LP bought a new position in shares of Edgewise Therapeutics in the 4th quarter worth approximately $36,000. Rhumbline Advisers lifted its stake in shares of Edgewise Therapeutics by 1.5% in the 4th quarter. Rhumbline Advisers now owns 102,397 shares of the company's stock worth $2,734,000 after purchasing an additional 1,525 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Edgewise Therapeutics by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,313 shares of the company's stock worth $1,103,000 after purchasing an additional 1,595 shares during the period.

Edgewise Therapeutics Trading Down 1.9%

Shares of EWTX stock traded down $0.28 during trading hours on Wednesday, reaching $14.59. 1,027,922 shares of the company's stock were exchanged, compared to its average volume of 1,173,406. Edgewise Therapeutics, Inc. has a 1 year low of $10.60 and a 1 year high of $38.12. The stock has a market cap of $1.53 billion, a PE ratio of -9.73 and a beta of 0.36. The stock's fifty day moving average price is $16.55 and its two-hundred day moving average price is $24.62.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) earnings per share for the quarter, beating analysts' consensus estimates 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.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on EWTX. Wedbush reiterated an "outperform" rating and issued a $43.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Royal Bank of Canada decreased their target price on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Piper Sandler restated an "overweight" rating and set a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Scotiabank cut shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and decreased their target price for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Finally, Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a "hold" rating and a $30.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $40.22.

Insider Activity

In other Edgewise Therapeutics news, Director Orbimed Advisors Llc purchased 496,771 shares of the stock in a transaction dated Thursday, April 3rd. The stock was acquired at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the acquisition, the director now owns 14,809,075 shares in the company, valued at $298,106,679.75. This trade represents a 3.47% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alan J. Russell sold 1,551 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $25,513.95. Following the transaction, the insider now owns 18,521 shares of the company's stock, valued at $304,670.45. This trade represents a 7.73% 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 worth $234,544 in the last quarter. Corporate insiders own 23.20% of the company's stock.

About Edgewise Therapeutics

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.