Insider Buying: Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Director Buys 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 acquired at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the acquisition, the director now directly owns 14,809,075 shares of the company’s stock, valued at approximately $298,106,679.75. This trade represents a 3.47 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $11.51 on Friday. The company has a market capitalization of $1.21 billion, a PE ratio of -7.67 and a beta of 0.32. The stock has a fifty day moving average of $25.20 and a 200-day moving average of $28.48. Edgewise Therapeutics, Inc. has a one year low of $11.50 and a one year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its 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). As a group, research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Evercore ISI raised their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Scotiabank lowered shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $50.00 to $14.00 in a research note on Wednesday. Royal Bank of Canada dropped their target price on Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday. Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target for the company. Finally, Piper Sandler reissued an “overweight” rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $40.38.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. lifted its position in shares of 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. Amundi lifted its holdings in shares of Edgewise Therapeutics by 127.2% in the fourth quarter. Amundi now owns 341,687 shares of the company’s stock valued at $8,686,000 after purchasing an additional 191,267 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter worth $576,000. XTX Topco Ltd purchased a new position in shares of Edgewise Therapeutics during the third quarter valued at $755,000. Finally, Moody Aldrich Partners LLC raised its position in Edgewise Therapeutics by 24.3% during the fourth quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock valued at $5,018,000 after buying an additional 36,775 shares during the period.

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.