Woodline Partners LP Boosts Stock Position in Edgewise Therapeutics, Inc. $EWTX

Key Points

• Woodline Partners LP increased its stake in Edgewise Therapeutics by 93.4%, owning approximately 1.04% of the company after purchasing an additional 529,591 shares, bringing the total value to $24.13 million.
• Edgewise Therapeutics recently reported better-than-expected earnings with an EPS of ($0.34), surpassing the consensus estimate of ($0.42).
• Insiders at Edgewise Therapeutics have sold a total of 116,267 shares worth approximately $1.68 million in the last three months.

Woodline Partners LP boosted its holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 93.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,096,809 shares of the company's stock after buying an additional 529,591 shares during the period. Woodline Partners LP owned 1.04% of Edgewise Therapeutics worth $24,130,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in EWTX. Fred Alger Management LLC acquired a new position in shares of Edgewise Therapeutics in the 1st quarter valued at about $608,000. Goldman Sachs Group Inc. lifted its stake in shares of Edgewise Therapeutics by 5.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company's stock valued at $8,066,000 after purchasing an additional 19,753 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Edgewise Therapeutics in the 1st quarter valued at about $47,000. Parkman Healthcare Partners LLC lifted its stake in shares of Edgewise Therapeutics by 11.6% in the 1st quarter. Parkman Healthcare Partners LLC now owns 425,407 shares of the company's stock valued at $9,359,000 after purchasing an additional 44,234 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Edgewise Therapeutics by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company's stock valued at $963,000 after purchasing an additional 2,463 shares in the last quarter.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX traded down $0.43 during mid-day trading on Friday, hitting $14.24. 573,620 shares of the company traded hands, compared to its average volume of 786,301. The firm has a market cap of $1.50 billion, a P/E ratio of -9.19 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. The firm's 50 day simple moving average is $14.04 and its 200 day simple moving average is $15.99.

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

Insider Buying and Selling

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 2,098 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $28,092.22. Following the sale, the general counsel directly owned 10,214 shares in the company, valued at $136,765.46. The trade was a 17.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Joanne M. Donovan sold 2,862 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total value of $38,322.18. Following the sale, the chief marketing officer owned 25,361 shares in the company, valued at $339,583.79. This represents a 10.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 116,267 shares of company stock valued at $1,677,815. Corporate insiders own 23.20% of the company's stock.

Wall Street Analysts Forecast Growth

EWTX has been the topic of several research analyst reports. JPMorgan Chase & Co. reduced their price objective on Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 19th. HC Wainwright initiated coverage on Edgewise Therapeutics in a research note on Monday, June 30th. They issued a "buy" rating and a $42.00 price objective on the stock. Royal Bank Of Canada lifted their price objective on Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, Raymond James Financial initiated coverage on Edgewise Therapeutics in a research note on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 price objective on the stock. One investment 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 stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $40.55.

Edgewise Therapeutics Company 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.