Polar Asset Management Partners Inc. Reduces Stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Polar Asset Management Partners Inc. decreased its position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 59.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,279 shares of the company's stock after selling 93,300 shares during the quarter. Polar Asset Management Partners Inc. owned approximately 0.07% of Edgewise Therapeutics worth $1,716,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. First Light Asset Management LLC bought a new position in shares of Edgewise Therapeutics in the 4th quarter worth approximately $20,843,000. Franklin Resources Inc. raised its position in Edgewise Therapeutics by 84.2% in the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company's stock worth $1,207,000 after acquiring an additional 20,674 shares during the period. Amundi boosted its stake in shares of Edgewise Therapeutics by 127.2% during the 4th quarter. Amundi now owns 341,687 shares of the company's stock worth $8,686,000 after acquiring an additional 191,267 shares during the last quarter. Victory Capital Management Inc. bought a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at $576,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Edgewise Therapeutics in the 4th quarter worth $883,000.

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 1,551 shares of Edgewise Therapeutics stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $25,513.95. Following the sale, the insider now directly owns 18,521 shares of the company's stock, valued at approximately $304,670.45. The trade was a 7.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel John R. Moore sold 1,930 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $31,748.50. Following the transaction, the general counsel now owns 6,531 shares of the company's stock, valued at $107,434.95. This represents a 22.81% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,258 shares of company stock worth $234,544. Insiders own 23.20% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Royal Bank of Canada lowered their target price on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Piper Sandler reaffirmed an "overweight" rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 target price for the company. Wedbush restated an "outperform" rating and set a $43.00 target price on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Finally, Scotiabank downgraded shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and lowered their price target for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Edgewise Therapeutics has an average rating of "Moderate Buy" and an average target price of $40.22.

Edgewise Therapeutics Stock Down 1.9%

NASDAQ EWTX traded down $0.28 during trading hours on Wednesday, reaching $14.59. The company's stock had a trading volume of 1,027,922 shares, compared to its average volume of 1,511,844. Edgewise Therapeutics, Inc. has a 1 year low of $10.60 and a 1 year high of $38.12. The firm's 50-day moving average price is $16.55 and its 200-day moving average price is $24.62. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -9.73 and a beta of 0.36.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.02. Equities research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

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.