JPMorgan Chase & Co. Boosts Holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

JPMorgan Chase & Co. lifted its holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 146.3% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 158,506 shares of the company's stock after buying an additional 94,147 shares during the period. JPMorgan Chase & Co. owned approximately 0.17% of Edgewise Therapeutics worth $4,231,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Federated Hermes Inc. purchased a new position in Edgewise Therapeutics in the second quarter valued at about $833,000. Ally Bridge Group NY LLC purchased a new position in shares of Edgewise Therapeutics during the 3rd quarter valued at $5,010,000. Franklin Resources Inc. increased its holdings in Edgewise Therapeutics by 84.2% in the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company's stock worth $1,207,000 after acquiring an additional 20,674 shares during the last quarter. abrdn plc purchased a new stake in Edgewise Therapeutics during the third quarter valued at about $6,850,000. Finally, Novo Holdings A S bought a new stake in shares of Edgewise Therapeutics in the second quarter valued at approximately $114,263,000.

Insider Activity at Edgewise Therapeutics

In related news, insider Marc Semigran sold 29,709 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the sale, the insider now directly owns 6,716 shares in the company, valued at $199,398.04. This represents a 81.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alan J. Russell sold 100,000 shares of the business's stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the completion of the sale, the insider now owns 14,863 shares of the company's stock, valued at $406,800.31. The trade was a 87.06 % decrease in their position. The disclosure for this sale can be found here. 24.11% of the stock is owned by insiders.

Edgewise Therapeutics Stock Down 1.7 %

Shares of EWTX stock traded down $0.46 during trading on Friday, hitting $26.26. The company had a trading volume of 589,333 shares, compared to its average volume of 830,580. The stock's 50-day moving average is $29.83 and its two-hundred day moving average is $25.92. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of -17.51 and a beta of 0.20. Edgewise Therapeutics, Inc. has a 52 week low of $9.61 and a 52 week high of $38.12.

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

Analyst Upgrades and Downgrades

EWTX has been the subject of several analyst reports. Truist Financial raised their price objective 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. Piper Sandler lifted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an "overweight" rating in a report on Friday, October 11th. Wedbush increased their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Finally, Evercore ISI boosted their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an "outperform" rating in a research note on Tuesday, December 17th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $43.17.

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.