Edgewise Therapeutics, Inc. $EWTX Shares Sold by Sofinnova Investments Inc.

Sofinnova Investments Inc. lessened its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 15.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 437,819 shares of the company’s stock after selling 82,421 shares during the period. Sofinnova Investments Inc. owned 0.41% of Edgewise Therapeutics worth $10,864,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Aberdeen Group plc boosted its position in shares of Edgewise Therapeutics by 39.8% during the third quarter. Aberdeen Group plc now owns 619,878 shares of the company’s stock worth $10,054,000 after buying an additional 176,559 shares during the period. SG Americas Securities LLC boosted its position in shares of Edgewise Therapeutics by 797.9% during the fourth quarter. SG Americas Securities LLC now owns 88,723 shares of the company’s stock worth $2,202,000 after buying an additional 78,842 shares during the period. HighVista Strategies LLC boosted its position in shares of Edgewise Therapeutics by 198.5% during the third quarter. HighVista Strategies LLC now owns 208,101 shares of the company’s stock worth $3,375,000 after buying an additional 138,378 shares during the period. GSA Capital Partners LLP boosted its position in shares of Edgewise Therapeutics by 315.2% during the third quarter. GSA Capital Partners LLP now owns 113,243 shares of the company’s stock worth $1,837,000 after buying an additional 85,967 shares during the period. Finally, Integral Health Asset Management LLC boosted its position in shares of Edgewise Therapeutics by 50.0% during the third quarter. Integral Health Asset Management LLC now owns 1,500,000 shares of the company’s stock worth $24,330,000 after buying an additional 500,000 shares during the period.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $35.21 on Tuesday. The company has a market cap of $3.79 billion, a PE ratio of -21.21 and a beta of 0.27. Edgewise Therapeutics, Inc. has a 52 week low of $12.15 and a 52 week high of $40.76. The firm has a 50 day simple moving average of $33.74 and a 200 day simple moving average of $29.73.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.04. On average, equities analysts predict that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on EWTX shares. Wedbush boosted their price objective on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Evercore reiterated an “outperform” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Wall Street Zen downgraded Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. JPMorgan Chase & Co. boosted their price objective on Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $44.22.

Insider Activity at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the sale, the chief marketing officer owned 4,367 shares in the company, valued at approximately $168,435.19. This represents a 91.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 83,892 shares of company stock valued at $3,018,216. 21.30% of the stock is currently owned by corporate insiders.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.