Edgewise Therapeutics, Inc. $EWTX Holdings Reduced by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its holdings in Edgewise Therapeutics by 3.9%, now owning approximately 4.29 million shares valued at $94.48 million.
• Edgewise Therapeutics reported an earnings per share (EPS) of ($0.34) for the quarter, exceeding analysts' expectations of ($0.42).
• Multiple brokerages have given Edgewise Therapeutics a "Moderate Buy" rating, with target prices reaching as high as $49.00.

Vanguard Group Inc. trimmed its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 3.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,294,404 shares of the company's stock after selling 172,445 shares during the period. Vanguard Group Inc. owned about 4.10% of Edgewise Therapeutics worth $94,477,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Baker BROS. Advisors LP increased its stake in shares of Edgewise Therapeutics by 5.4% during 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 in the last quarter. Janus Henderson Group PLC grew its stake in Edgewise Therapeutics by 9.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock worth $133,044,000 after acquiring an additional 425,421 shares during the period. Paradigm Biocapital Advisors LP grew its stake in Edgewise Therapeutics by 61.1% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock worth $119,988,000 after acquiring an additional 1,704,757 shares during the period. Braidwell LP grew its stake in Edgewise Therapeutics by 19.1% in the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company's stock worth $62,270,000 after acquiring an additional 373,886 shares during the period. Finally, Deerfield Management Company L.P. Series C boosted its holdings in shares of Edgewise Therapeutics by 16.7% in the 4th quarter. Deerfield Management Company L.P. Series C now owns 2,078,509 shares of the company's stock valued at $55,496,000 after purchasing an additional 297,503 shares during the last quarter.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 2,098 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $28,092.22. Following the completion of the transaction, the general counsel owned 10,214 shares in the company, valued at approximately $136,765.46. This represents a 17.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kevin Koch sold 7,972 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $106,745.08. Following the completion of the transaction, the chief executive officer owned 30,615 shares of the company's stock, valued at approximately $409,934.85. This trade represents a 20.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 116,267 shares of company stock worth $1,677,815 over the last quarter. Company insiders own 23.20% of the company's stock.

Edgewise Therapeutics Stock Up 1.4%

Shares of EWTX traded up $0.20 during midday trading on Thursday, hitting $14.65. The company had a trading volume of 1,107,167 shares, compared to its average volume of 702,841. The company's 50 day moving average price is $13.78 and its 200 day moving average price is $16.84. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -9.45 and a beta of 0.26. Edgewise Therapeutics, Inc. has a 52 week low of $10.60 and a 52 week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.08. Equities analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Analysts Set New Price Targets

EWTX has been the topic of a number of research analyst reports. Royal Bank Of Canada lifted their price target on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Raymond James Financial initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 price target on the stock. HC Wainwright initiated coverage on shares of Edgewise Therapeutics in a report on Monday, June 30th. They issued a "buy" rating and a $42.00 price target on the stock. Guggenheim started coverage on shares of Edgewise Therapeutics in a report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their target price on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating on the stock in a report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $40.55.

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.