Foresite Capital Management VI LLC Purchases New Stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Foresite Capital Management VI LLC purchased a new position in 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. The fund purchased 585,000 shares of the company's stock, valued at approximately $15,620,000. Edgewise Therapeutics makes up about 7.0% of Foresite Capital Management VI LLC's portfolio, making the stock its 6th biggest holding. Foresite Capital Management VI LLC owned approximately 0.62% of Edgewise Therapeutics at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Barclays PLC lifted its stake in Edgewise Therapeutics by 291.0% in the 3rd quarter. Barclays PLC now owns 119,350 shares of the company's stock worth $3,186,000 after purchasing an additional 88,826 shares in the last quarter. Franklin Resources Inc. grew its position in Edgewise Therapeutics by 84.2% in the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company's stock valued at $1,207,000 after acquiring an additional 20,674 shares in the last quarter. Exome Asset Management LLC purchased a new stake in Edgewise Therapeutics during the 3rd quarter worth approximately $1,599,000. JPMorgan Chase & Co. increased its position in shares of Edgewise Therapeutics by 146.3% during the third quarter. JPMorgan Chase & Co. now owns 158,506 shares of the company's stock worth $4,231,000 after acquiring an additional 94,147 shares during the period. Finally, Moody Aldrich Partners LLC increased its holdings in Edgewise Therapeutics by 24.3% during the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company's stock worth $5,018,000 after purchasing an additional 36,775 shares during the period.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Alan J. Russell sold 1,200 shares of the business's stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $30.13, for a total value of $36,156.00. Following the transaction, the insider now owns 14,863 shares in the company, valued at $447,822.19. The trade was a 7.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Orbimed Advisors Llc purchased 496,771 shares of the business's stock in a transaction that occurred on Thursday, April 3rd. The stock was acquired at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the purchase, the director now owns 14,809,075 shares of the company's stock, valued at approximately $298,106,679.75. This represents a 3.47 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 24.11% of the company's stock.

Edgewise Therapeutics Trading Up 1.4 %

Shares of NASDAQ EWTX traded up $0.23 during midday trading on Friday, reaching $16.91. 1,428,721 shares of the stock were exchanged, compared to its average volume of 1,155,412. The company has a market capitalization of $1.77 billion, a P/E ratio of -11.27 and a beta of 0.32. Edgewise Therapeutics, Inc. has a 52-week low of $10.60 and a 52-week high of $38.12. The stock has a 50 day moving average price of $19.48 and a 200-day moving average price of $26.43.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on EWTX shares. Royal Bank of Canada cut their price target on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Stifel Nicolaus started coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a "hold" rating and a $30.00 price target for the company. Piper Sandler restated an "overweight" rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Scotiabank lowered 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 report on Wednesday, April 2nd. Finally, Guggenheim assumed coverage on Edgewise Therapeutics in a report on Wednesday. They issued a "buy" rating and a $41.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $40.22.

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.