Persistent Asset Partners Ltd Purchases New Shares in Edgewise Therapeutics, Inc. $EWTX

Persistent Asset Partners Ltd acquired a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 21,204 shares of the company’s stock, valued at approximately $526,000.

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

Analysts Set New Price Targets

A number of analysts recently commented on the company. Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a research report on Wednesday, May 6th. Leerink Partners set a $52.00 price objective on Edgewise Therapeutics in a research report on Tuesday. Evercore reiterated an “outperform” rating and issued a $45.00 price objective on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Wedbush boosted their target price on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Finally, Wall Street Zen lowered Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. One equities 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 given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.00.

Edgewise Therapeutics Stock Performance

Shares of EWTX opened at $33.95 on Wednesday. The stock has a 50 day simple moving average of $33.75 and a 200 day simple moving average of $29.79. Edgewise Therapeutics, Inc. has a 52-week low of $12.15 and a 52-week high of $40.76. The firm has a market capitalization of $3.65 billion, a PE ratio of -20.45 and a beta of 0.27.

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

Insider Activity

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