Cinctive Capital Management LP Cuts Stock Position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Cinctive Capital Management LP lessened its holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 81.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,093 shares of the company's stock after selling 62,156 shares during the period. Cinctive Capital Management LP's holdings in Edgewise Therapeutics were worth $376,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Quantbot Technologies LP bought a new position in Edgewise Therapeutics in the 4th quarter valued at approximately $103,000. KLP Kapitalforvaltning AS acquired a new position in shares of Edgewise Therapeutics during the fourth quarter worth $182,000. AlphaCentric Advisors LLC bought a new position in shares of Edgewise Therapeutics in the 4th quarter valued at $275,000. Teacher Retirement System of Texas lifted its stake in shares of Edgewise Therapeutics by 18.9% in the 4th quarter. Teacher Retirement System of Texas now owns 11,143 shares of the company's stock valued at $298,000 after acquiring an additional 1,772 shares during the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new position in Edgewise Therapeutics in the 3rd quarter worth about $347,000.

Analysts Set New Price Targets

EWTX has been the topic of several research reports. Royal Bank of Canada reduced their price target on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 price target for the company. Evercore ISI lifted their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a report on Tuesday, December 17th. Scotiabank downgraded Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $51.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.38.

Edgewise Therapeutics Trading Up 8.8 %

NASDAQ EWTX traded up $1.01 during trading hours on Wednesday, hitting $12.50. 3,702,325 shares of the company's stock were exchanged, compared to its average volume of 1,113,976. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -8.33 and a beta of 0.32. The stock has a 50-day simple moving average of $23.60 and a 200 day simple moving average of $27.98. Edgewise Therapeutics, Inc. has a 1-year low of $10.60 and a 1-year high of $38.12.

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

Insider Activity

In other Edgewise Therapeutics news, CEO Kevin Koch sold 8,636 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total value of $259,339.08. Following the transaction, the chief executive officer now directly owns 14,478 shares of the company's stock, valued at approximately $434,774.34. This trade represents a 37.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of the business's stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $30.13, for a total transaction of $36,156.00. Following the sale, the insider now directly owns 14,863 shares of the company's stock, valued at approximately $447,822.19. The trade was a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,836 shares of company stock worth $986,245. Company 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.