Acuta Capital Partners LLC Buys Shares of 63,000 Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Acuta Capital Partners LLC purchased a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 63,000 shares of the company's stock, valued at approximately $1,681,000. Edgewise Therapeutics makes up 1.4% of Acuta Capital Partners LLC's portfolio, making the stock its 22nd biggest position. Acuta Capital Partners LLC owned approximately 0.07% of Edgewise Therapeutics at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Quest Partners LLC lifted its stake in Edgewise Therapeutics by 156.9% in the second quarter. Quest Partners LLC now owns 1,742 shares of the company's stock valued at $31,000 after acquiring an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Edgewise Therapeutics during the second quarter worth approximately $35,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Edgewise Therapeutics by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company's stock valued at $88,000 after buying an additional 604 shares during the period. Chicago Partners Investment Group LLC acquired a new stake in shares of Edgewise Therapeutics in the third quarter valued at approximately $161,000. Finally, Arizona State Retirement System bought a new position in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $188,000.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on EWTX. Wedbush increased their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Truist Financial raised their target price on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday. Royal Bank of Canada reiterated an "outperform" rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Evercore ISI started coverage on shares of Edgewise Therapeutics in a report on Friday, November 22nd. They issued an "outperform" rating and a $45.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an "overweight" rating in a report on Monday, August 12th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $42.33.

Insiders Place Their Bets

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 20,922 shares of Edgewise Therapeutics stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $27.63, for a total value of $578,074.86. Following the transaction, the general counsel now owns 3,252 shares in the company, valued at $89,852.76. The trade was a 86.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CMO Joanne M. Donovan sold 7,162 shares of the business's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.29, for a total value of $202,612.98. Following the transaction, the chief marketing officer now directly owns 14,538 shares of the company's stock, valued at approximately $411,280.02. The trade was a 33.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock worth $7,893,316 over the last ninety days. Corporate insiders own 24.11% of the company's stock.

Edgewise Therapeutics Stock Up 0.4 %

Shares of EWTX traded up $0.12 during mid-day trading on Thursday, hitting $32.20. 609,934 shares of the company's stock were exchanged, compared to its average volume of 937,022. Edgewise Therapeutics, Inc. has a 52 week low of $5.93 and a 52 week high of $38.12. The stock's 50-day simple moving average is $31.77 and its 200-day simple moving average is $23.04. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -21.47 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating analysts' consensus estimates of ($0.37) by $0.01. Analysts forecast that Edgewise Therapeutics, Inc. will post -1.46 earnings per share for the current fiscal year.

About Edgewise Therapeutics

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.