HighVista Strategies LLC Makes New $2.37 Million Investment in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

HighVista Strategies LLC bought a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 88,838 shares of the company's stock, valued at approximately $2,371,000. HighVista Strategies LLC owned about 0.09% of Edgewise Therapeutics at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Quest Partners LLC lifted its stake in Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company's stock valued at $31,000 after buying an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Edgewise Therapeutics during the 2nd quarter worth about $35,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Edgewise Therapeutics by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company's stock valued at $88,000 after acquiring an additional 604 shares during the last quarter. Chicago Partners Investment Group LLC bought a new position in shares of Edgewise Therapeutics in the 3rd quarter valued at approximately $161,000. Finally, Arizona State Retirement System bought a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at approximately $188,000.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on EWTX shares. Wedbush upped their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Truist Financial upped 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. Royal Bank of Canada reiterated an "outperform" rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Piper Sandler boosted their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an "overweight" rating in a research report on Friday, October 11th. Finally, Evercore ISI started coverage on Edgewise Therapeutics in a research report on Friday, November 22nd. They issued an "outperform" rating and a $45.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $42.33.

Edgewise Therapeutics Stock Performance

NASDAQ EWTX traded up $0.42 during trading on Tuesday, reaching $31.96. 495,585 shares of the company traded hands, compared to its average volume of 932,498. Edgewise Therapeutics, Inc. has a 1-year low of $6.07 and a 1-year high of $38.12. The stock's 50 day moving average price is $32.02 and its two-hundred day moving average price is $23.38. The company has a market cap of $3.03 billion, a price-to-earnings ratio of -21.31 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released 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. Equities research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, General Counsel John R. Moore sold 50,000 shares of the stock in a transaction that occurred 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 sale, the general counsel now directly owns 3,252 shares in the company, valued at $92,259.24. This trade represents a 93.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Alan J. Russell sold 75,000 shares of Edgewise Therapeutics stock in a transaction dated Friday, September 20th. The shares were 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 have sold 278,176 shares of company stock worth $7,893,316. Insiders own 24.11% of the company's stock.

Edgewise Therapeutics 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.