Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Director Orbimed Advisors Llc Purchases 496,771 Shares of Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Director Orbimed Advisors Llc purchased 496,771 shares of the stock in a transaction dated Thursday, April 3rd. The shares were bought at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the purchase, the director now owns 14,809,075 shares in the company, valued at approximately $298,106,679.75. This trade represents a 3.47 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX opened at $11.51 on Friday. The firm has a market cap of $1.10 billion, a P/E ratio of -7.67 and a beta of 0.22. Edgewise Therapeutics, Inc. has a 1 year low of $11.50 and a 1 year high of $38.12. The firm’s 50 day moving average price is $25.20 and its 200 day moving average price is $28.41.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). As a group, equities analysts predict that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Wall Street Analysts Forecast Growth

EWTX has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a report on Wednesday. Royal Bank of Canada decreased 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. Scotiabank cut shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $50.00 to $14.00 in a research report on Wednesday. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target on the stock. Finally, Evercore ISI lifted their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.38.

Institutional Trading of Edgewise Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its holdings in shares of Edgewise Therapeutics by 84.2% during the 3rd 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 holdings in shares of Edgewise Therapeutics by 127.2% in the 4th quarter. Amundi now owns 341,687 shares of the company’s stock valued at $8,686,000 after purchasing an additional 191,267 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Edgewise Therapeutics in the 4th quarter valued at $576,000. XTX Topco Ltd purchased a new stake in shares of Edgewise Therapeutics during the 3rd quarter valued at $755,000. Finally, Moody Aldrich Partners LLC increased its holdings in shares of 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 buying an additional 36,775 shares during the last quarter.

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.