Cormorant Asset Management LP Sells 725,000 Shares of Edgewise Therapeutics, Inc. $EWTX

Cormorant Asset Management LP trimmed its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 18.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,285,000 shares of the company’s stock after selling 725,000 shares during the period. Edgewise Therapeutics makes up about 3.8% of Cormorant Asset Management LP’s holdings, making the stock its 8th largest holding. Cormorant Asset Management LP owned about 3.10% of Edgewise Therapeutics worth $81,517,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new position in Edgewise Therapeutics during the first quarter worth $47,000. Steward Partners Investment Advisory LLC lifted its stake in Edgewise Therapeutics by 23.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock worth $71,000 after purchasing an additional 550 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Edgewise Therapeutics during the second quarter worth $45,000. Strs Ohio acquired a new position in Edgewise Therapeutics during the first quarter worth $84,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Edgewise Therapeutics by 26.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,145 shares of the company’s stock worth $128,000 after purchasing an additional 1,072 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts have commented on EWTX shares. Truist Financial set a $52.00 price target on Edgewise Therapeutics in a research note on Wednesday, May 6th. Wall Street Zen cut Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. The Goldman Sachs Group increased their price objective on Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday. Wedbush increased their price objective on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.30.

Edgewise Therapeutics Trading Up 2.6%

Shares of NASDAQ EWTX opened at $34.82 on Thursday. The stock has a market cap of $3.75 billion, a P/E ratio of -20.98 and a beta of 0.27. Edgewise Therapeutics, Inc. has a 12-month low of $12.15 and a 12-month high of $40.76. The business’s fifty day simple moving average is $33.79 and its 200-day simple moving average is $29.86.

Edgewise Therapeutics (NASDAQ:EWTX) last announced 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. On average, equities analysts forecast that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 value of $1,928,500.00. Following the transaction, the chief marketing officer owned 4,367 shares of the company’s stock, valued at $168,435.19. This represents a 91.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 83,892 shares of company stock valued at $3,018,216 over the last 90 days. Corporate insiders own 21.30% of the company’s stock.

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.