Edgewise Therapeutics, Inc. $EWTX Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its holdings in Edgewise Therapeutics by 44.2% in Q1, selling 89,590 shares and now owning 113,303 shares valued at approximately $2.5 million.
• Several hedge funds have recently increased their stakes in Edgewise Therapeutics, with significant increases from GAMMA Investing LLC (2,243.2%) and Aberdeen Group plc (75.8%).
• Edgewise Therapeutics reported earnings of ($0.34) per share, surpassing analysts' estimates, and has an average target price of $40.55 according to analyst ratings.

Wellington Management Group LLP lowered its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 44.2% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 113,303 shares of the company's stock after selling 89,590 shares during the period. Wellington Management Group LLP owned approximately 0.11% of Edgewise Therapeutics worth $2,493,000 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. Baker BROS. Advisors LP boosted its position 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 during the period. Janus Henderson Group PLC boosted its position in shares of Edgewise Therapeutics by 9.3% during the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock worth $133,044,000 after purchasing an additional 425,421 shares during the period. Paradigm Biocapital Advisors LP boosted its position in shares of Edgewise Therapeutics by 61.1% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock worth $119,988,000 after purchasing an additional 1,704,757 shares during the period. Braidwell LP boosted its position in shares of Edgewise Therapeutics by 19.1% during the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company's stock worth $62,270,000 after purchasing an additional 373,886 shares during the period. Finally, Deerfield Management Company L.P. Series C boosted its position in shares of 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 purchasing an additional 297,503 shares during the period.

Insider Activity

In related news, CEO Kevin Koch sold 7,972 shares of Edgewise Therapeutics stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $106,745.08. Following the sale, the chief executive officer directly owned 30,615 shares in the company, valued at $409,934.85. This trade represents a 20.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $14.60, for a total transaction of $1,460,000.00. Following the sale, the insider owned 23,400 shares in the company, valued at $341,640. This represents a 81.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 116,267 shares of company stock valued at $1,677,815 over the last quarter. Company insiders own 23.20% of the company's stock.

Edgewise Therapeutics Price Performance

Shares of EWTX traded up $0.51 during midday trading on Tuesday, reaching $14.86. The stock had a trading volume of 1,048,084 shares, compared to its average volume of 690,091. Edgewise Therapeutics, Inc. has a 1-year low of $10.60 and a 1-year high of $38.12. The company's fifty day simple moving average is $13.79 and its two-hundred day simple moving average is $16.55. The company has a market cap of $1.57 billion, a price-to-earnings ratio of -9.59 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, beating analysts' consensus estimates of ($0.42) by $0.08. On average, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on EWTX shares. Royal Bank Of Canada increased their price objective on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Raymond James Financial assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 price target for the company. JPMorgan Chase & Co. decreased their price target on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating for the company in a research report on Tuesday, August 19th. Finally, HC Wainwright assumed coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They issued a "buy" rating and a $42.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target 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.