First Light Asset Management LLC Has $31.56 Million Stake in Edgewise Therapeutics, Inc. $EWTX

First Light Asset Management LLC reduced its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 36.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,001,846 shares of the company’s stock after selling 571,855 shares during the quarter. Edgewise Therapeutics makes up about 2.8% of First Light Asset Management LLC’s portfolio, making the stock its 12th biggest holding. First Light Asset Management LLC owned 0.93% of Edgewise Therapeutics worth $31,558,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Orbimed Advisors LLC raised its stake in Edgewise Therapeutics by 3.3% in the 2nd quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock valued at $203,447,000 after acquiring an additional 496,771 shares during the period. RA Capital Management L.P. increased its holdings in shares of Edgewise Therapeutics by 5.3% in the third quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock valued at $169,149,000 after purchasing an additional 525,804 shares during the last quarter. Paradigm Biocapital Advisors LP raised its position in shares of Edgewise Therapeutics by 6.0% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock valued at $162,320,000 after purchasing an additional 371,079 shares during the period. Vanguard Group Inc. raised its position in shares of Edgewise Therapeutics by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 4,871,624 shares of the company’s stock valued at $120,889,000 after purchasing an additional 67,683 shares during the period. Finally, Siren L.L.C. raised its position in shares of Edgewise Therapeutics by 16.2% in the fourth quarter. Siren L.L.C. now owns 4,529,990 shares of the company’s stock valued at $112,412,000 after purchasing an additional 632,891 shares during the period.

Insider Activity at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 200,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total value of $7,882,000.00. Following the completion of the sale, the insider directly owned 24,555 shares in the company, valued at approximately $967,712.55. The trade was a 89.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Joanne M. Donovan sold 50,000 shares of the firm’s 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 in the company, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 255,230 shares of company stock worth $9,974,147 over the last ninety days. Insiders own 21.30% of the company’s stock.

Edgewise Therapeutics Stock Performance

Shares of Edgewise Therapeutics stock opened at $40.84 on Monday. The firm has a 50-day moving average of $37.68 and a 200-day moving average of $33.00. Edgewise Therapeutics, Inc. has a 52-week low of $12.30 and a 52-week high of $48.40. The stock has a market cap of $4.39 billion, a PE ratio of -24.60 and a beta of 0.27.

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Oppenheimer assumed coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price target on the stock. Evercore restated an “outperform” rating and set a $55.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, July 20th. Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a report on Wednesday, May 6th. Finally, Royal Bank Of Canada upped their target price on Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.75.

Edgewise Therapeutics 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.