Baker BROS. Advisors LP Trims Stake in Edgewise Therapeutics, Inc. $EWTX

Baker BROS. Advisors LP decreased its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 10.0% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 6,575,940 shares of the company’s stock after selling 730,000 shares during the period. Edgewise Therapeutics comprises about 1.0% of Baker BROS. Advisors LP’s holdings, making the stock its 15th largest holding. Baker BROS. Advisors LP owned about 0.06% of Edgewise Therapeutics worth $163,182,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics during the 1st quarter worth approximately $47,000. Steward Partners Investment Advisory LLC grew its holdings in shares of Edgewise Therapeutics by 23.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock worth $71,000 after acquiring an additional 550 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $45,000. Strs Ohio purchased a new position in shares of Edgewise Therapeutics during the 1st quarter worth approximately $84,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Edgewise Therapeutics by 26.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,145 shares of the company’s stock worth $128,000 after acquiring an additional 1,072 shares during the period.

Edgewise Therapeutics Stock Up 2.6%

Edgewise Therapeutics stock opened at $34.82 on Thursday. The company has a market capitalization of $3.75 billion, a P/E ratio of -20.98 and a beta of 0.27. The stock’s 50 day moving average is $33.79 and its 200 day moving average is $29.86. Edgewise Therapeutics, Inc. has a twelve month low of $12.15 and a twelve month high of $40.76.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its 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. As a group, equities analysts expect that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the sale, the chief marketing officer directly owned 4,367 shares in the company, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 83,892 shares of company stock worth $3,018,216. Company insiders own 21.30% of the company’s stock.

Wall Street Analyst Weigh In

EWTX has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. Royal Bank Of Canada upped their price target on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday. Leerink Partners set a $52.00 price target on Edgewise Therapeutics in a research note on Tuesday. HC Wainwright restated a “buy” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday. Finally, Wall Street Zen downgraded Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.30.

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.