Glenmede Trust Co. NA Makes New Investment in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Glenmede Trust Co. NA bought a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 18,085 shares of the company's stock, valued at approximately $483,000.

Other institutional investors also recently made changes to their positions in the company. Sofinnova Investments Inc. bought a new stake in Edgewise Therapeutics in the second quarter valued at about $8,567,000. Federated Hermes Inc. acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter worth approximately $833,000. SG Americas Securities LLC grew its position in shares of Edgewise Therapeutics by 657.9% in the 2nd quarter. SG Americas Securities LLC now owns 64,173 shares of the company's stock worth $1,156,000 after acquiring an additional 55,706 shares in the last quarter. abrdn plc bought a new stake in shares of Edgewise Therapeutics in the 3rd quarter valued at approximately $6,850,000. Finally, Novo Holdings A S acquired a new stake in shares of Edgewise Therapeutics during the 2nd quarter valued at approximately $114,263,000.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Truist Financial increased their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Evercore ISI assumed coverage on shares of Edgewise Therapeutics in a report on Friday, November 22nd. They issued an "outperform" rating and a $45.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an "overweight" rating in a report on Monday, August 12th. Finally, Wedbush increased their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of "Buy" and an average target price of $42.33.

Edgewise Therapeutics Stock Down 1.5 %

NASDAQ EWTX traded down $0.49 on Thursday, hitting $31.57. The stock had a trading volume of 1,046,180 shares, compared to its average volume of 932,541. The company's 50-day moving average is $32.26 and its two-hundred day moving average is $23.54. Edgewise Therapeutics, Inc. has a one year low of $6.44 and a one year high of $38.12. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of -21.05 and a beta of 0.12.

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

Insider Transactions at Edgewise Therapeutics

In other news, General Counsel John R. Moore sold 20,922 shares of Edgewise Therapeutics stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $27.63, for a total transaction of $578,074.86. Following the transaction, the general counsel now directly owns 3,252 shares in the company, valued at approximately $89,852.76. This trade represents a 86.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alan J. Russell sold 75,000 shares of the business's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the completion of the sale, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. This represents a 85.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 278,176 shares of company stock valued at $7,893,316. 24.11% of the stock is currently owned by corporate insiders.

Edgewise Therapeutics Company 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.