abrdn plc Sells 78,602 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

abrdn plc reduced its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 30.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,043 shares of the company's stock after selling 78,602 shares during the quarter. abrdn plc owned about 0.19% of Edgewise Therapeutics worth $4,754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. increased its stake in shares of Edgewise Therapeutics by 69.9% in the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company's stock worth $88,000 after buying an additional 1,361 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of 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 worth $88,000 after buying an additional 604 shares during the period. Chicago Partners Investment Group LLC purchased a new position in shares of Edgewise Therapeutics in the third quarter worth $161,000. US Bancorp DE boosted its holdings in Edgewise Therapeutics by 12,452.9% in the third quarter. US Bancorp DE now owns 8,536 shares of the company's stock valued at $228,000 after acquiring an additional 8,468 shares in the last quarter. Finally, Quest Partners LLC boosted its holdings in Edgewise Therapeutics by 418.7% in the third quarter. Quest Partners LLC now owns 9,035 shares of the company's stock valued at $241,000 after acquiring an additional 7,293 shares in the last quarter.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Marc Semigran sold 29,709 shares of the company's stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the transaction, the insider now owns 6,716 shares in the company, valued at approximately $199,398.04. This represents a 81.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total transaction of $36,156.00. Following the completion of the transaction, the insider now owns 14,863 shares in the company, valued at $447,822.19. This trade represents a 7.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 164,545 shares of company stock worth $4,605,305 in the last quarter. Corporate insiders own 24.11% of the company's stock.

Edgewise Therapeutics Stock Up 0.7 %

Shares of EWTX stock traded up $0.17 during mid-day trading on Thursday, reaching $26.02. 980,352 shares of the company's stock traded hands, compared to its average volume of 939,236. Edgewise Therapeutics, Inc. has a 12 month low of $14.90 and a 12 month high of $38.12. The company has a market cap of $2.46 billion, a P/E ratio of -17.35 and a beta of 0.20. The company's 50-day moving average price is $27.99 and its 200-day moving average price is $26.81.

Wall Street Analyst Weigh In

EWTX has been the topic of several recent analyst reports. Truist Financial lifted their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Evercore ISI lifted their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an "outperform" rating in a report on Tuesday, December 17th. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 price target on the stock. Finally, Wedbush lifted their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an "outperform" rating in a report on Friday, November 8th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $41.29.

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.