Norges Bank Acquires New Position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Norges Bank acquired a new stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 47,755 shares of the company's stock, valued at approximately $1,275,000. Norges Bank owned about 0.05% of Edgewise Therapeutics as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Quantbot Technologies LP purchased a new position in Edgewise Therapeutics in the 4th quarter valued at about $103,000. KLP Kapitalforvaltning AS purchased a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $182,000. AlphaCentric Advisors LLC purchased a new stake in Edgewise Therapeutics in the 4th quarter worth approximately $275,000. Teacher Retirement System of Texas lifted its stake in shares of Edgewise Therapeutics by 18.9% during the 4th quarter. Teacher Retirement System of Texas now owns 11,143 shares of the company's stock worth $298,000 after purchasing an additional 1,772 shares during the period. Finally, Orion Portfolio Solutions LLC purchased a new stake in shares of Edgewise Therapeutics in the third quarter valued at $347,000.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Royal Bank of Canada decreased their price target on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a "hold" rating and a $30.00 price target on the stock. Piper Sandler reissued an "overweight" rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Finally, Scotiabank lowered Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and cut their target price for the stock from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $40.38.

Edgewise Therapeutics Trading Up 0.5 %

NASDAQ:EWTX traded up $0.06 during mid-day trading on Thursday, hitting $13.09. The company had a trading volume of 156,547 shares, compared to its average volume of 1,131,972. Edgewise Therapeutics, Inc. has a 1 year low of $10.60 and a 1 year high of $38.12. The business has a fifty day simple moving average of $21.97 and a 200-day simple moving average of $27.49. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -8.72 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). As a group, research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Orbimed Advisors Llc acquired 496,771 shares of the business's stock in a transaction on Thursday, April 3rd. The shares were purchased at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the purchase, the director now directly owns 14,809,075 shares of the company's stock, valued at $298,106,679.75. This represents a 3.47 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of Edgewise Therapeutics stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the completion of the transaction, the insider now owns 14,863 shares of the company's stock, valued at approximately $447,822.19. The trade was a 7.47 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,836 shares of company stock worth $986,245. Insiders own 24.11% of the company's stock.

Edgewise Therapeutics Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.