Woodline Partners LP Purchases 529,591 Shares of 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 raised its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 93.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,096,809 shares of the company's stock after acquiring an additional 529,591 shares during the quarter. Woodline Partners LP owned about 1.04% of Edgewise Therapeutics worth $24,130,000 as of its most recent filing with the Securities and Exchange Commission.

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

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock traded down $0.36 on Monday, hitting $13.89. The company had a trading volume of 159,323 shares, compared to its average volume of 1,184,820. The firm has a market capitalization of $1.46 billion, a P/E ratio of -9.01 and a beta of 0.26. Edgewise Therapeutics, Inc. has a twelve month low of $10.60 and a twelve month high of $38.12. The stock has a 50-day moving average of $14.04 and a 200-day moving average of $15.85.

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

Insider Buying and Selling at Edgewise Therapeutics

In other news, CEO Kevin Koch sold 7,972 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $106,745.08. Following the sale, the chief executive officer owned 30,615 shares of the company's stock, valued at $409,934.85. The trade was a 20.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CMO Joanne M. Donovan sold 2,862 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $38,322.18. Following the completion of the sale, the chief marketing officer directly owned 25,361 shares in the company, valued at approximately $339,583.79. This represents a 10.14% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 116,267 shares of company stock worth $1,677,815. Company insiders own 23.20% of the company's stock.

Analyst Ratings Changes

EWTX has been the subject of several analyst reports. Raymond James Financial initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price target for the company. HC Wainwright initiated coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They set a "buy" rating and a $42.00 price target for the company. Royal Bank Of Canada lifted their price target 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. Finally, JPMorgan Chase & Co. lowered 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. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned 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.

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.