Franklin Resources Inc. Increases Stock Holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Franklin Resources Inc. boosted its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 84.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,223 shares of the company's stock after buying an additional 20,674 shares during the quarter. Franklin Resources Inc.'s holdings in Edgewise Therapeutics were worth $1,207,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of EWTX. Sofinnova Investments Inc. purchased a new stake in shares of Edgewise Therapeutics during the second quarter worth $8,567,000. Federated Hermes Inc. purchased a new stake in Edgewise Therapeutics during the 2nd quarter valued at about $833,000. Ally Bridge Group NY LLC acquired a new stake in Edgewise Therapeutics in the 3rd quarter valued at about $5,010,000. abrdn plc purchased a new position in Edgewise Therapeutics in the 3rd quarter worth approximately $6,850,000. Finally, Novo Holdings A S acquired a new position in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $114,263,000.

Insider Activity

In related news, insider Marc Semigran sold 29,709 shares of the firm's stock in a transaction that occurred on Tuesday, December 24th. The stock was 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 $199,398.04. This trade represents a 81.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 24.11% of the company's stock.

Edgewise Therapeutics Stock Down 3.1 %

Edgewise Therapeutics stock traded down $0.92 during trading on Friday, reaching $28.74. The stock had a trading volume of 561,433 shares, compared to its average volume of 935,535. Edgewise Therapeutics, Inc. has a 52-week low of $9.00 and a 52-week high of $38.12. The stock has a market cap of $2.72 billion, a PE ratio of -19.16 and a beta of 0.12. The business has a 50 day moving average price of $32.34 and a 200 day moving average price of $25.09.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly 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. On average, equities analysts predict that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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