Fmr LLC Sells 4,127,355 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

FMR LLC lessened its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 86.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 653,208 shares of the company's stock after selling 4,127,355 shares during the quarter. FMR LLC owned approximately 0.69% of Edgewise Therapeutics worth $17,434,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. California State Teachers Retirement System lifted its position in shares of Edgewise Therapeutics by 23.1% during the 1st quarter. California State Teachers Retirement System now owns 36,467 shares of the company's stock valued at $665,000 after acquiring an additional 6,847 shares during the period. SG Americas Securities LLC grew its holdings in shares of Edgewise Therapeutics by 657.9% during the second quarter. SG Americas Securities LLC now owns 64,173 shares of the company's stock valued at $1,156,000 after buying an additional 55,706 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Edgewise Therapeutics by 26.6% during the second quarter. Bank of New York Mellon Corp now owns 268,712 shares of the company's stock worth $4,840,000 after acquiring an additional 56,447 shares in the last quarter. Rhumbline Advisers lifted its position in Edgewise Therapeutics by 16.7% in the 2nd quarter. Rhumbline Advisers now owns 98,269 shares of the company's stock valued at $1,770,000 after acquiring an additional 14,041 shares in the last quarter. Finally, Arizona State Retirement System bought a new stake in Edgewise Therapeutics during the 2nd quarter worth approximately $188,000.

Analyst Ratings Changes

Several research firms recently weighed in on EWTX. Royal Bank of Canada restated an "outperform" rating and set a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Wedbush lifted their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Evercore ISI assumed coverage on Edgewise Therapeutics in a research report on Friday, November 22nd. They issued an "outperform" rating and a $45.00 price objective on the stock. Piper Sandler raised their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an "overweight" rating in a research report on Friday, October 11th. Finally, Truist Financial boosted their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, November 27th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $42.33.

Edgewise Therapeutics Stock Up 1.2 %

Edgewise Therapeutics stock traded up $0.34 during midday trading on Wednesday, reaching $29.80. The stock had a trading volume of 354,102 shares, compared to its average volume of 927,461. The firm has a market capitalization of $2.82 billion, a PE ratio of -19.64 and a beta of 0.12. Edgewise Therapeutics, Inc. has a 12 month low of $6.55 and a 12 month high of $38.12. The firm's 50-day moving average price is $32.62 and its 200 day moving average price is $23.95.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.37) by $0.01. Equities research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 50,000 shares of the company's stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.37, for a total value of $1,418,500.00. Following the completion of the transaction, the general counsel now directly owns 3,252 shares in the company, valued at approximately $92,259.24. This represents a 93.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO R Michael Carruthers sold 125,092 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the completion of the transaction, the chief financial officer now directly owns 6,904 shares of the company's stock, valued at approximately $197,247.28. The trade was a 94.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 278,176 shares of company stock valued at $7,893,316. Insiders own 24.11% of the company's stock.

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.