Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Director Orbimed Advisors Llc Purchases 496,771 Shares

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) Director Orbimed Advisors Llc bought 496,771 shares of the company's stock in a transaction on Thursday, April 3rd. The shares were bought at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the acquisition, the director now directly owns 14,809,075 shares in the company, valued at approximately $298,106,679.75. This trade represents a 3.47 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link.

Edgewise Therapeutics Trading Down 1.2 %

Shares of Edgewise Therapeutics stock traded down $0.14 during trading on Wednesday, hitting $11.36. 1,514,427 shares of the stock were exchanged, compared to its average volume of 1,103,087. The company has a fifty day moving average price of $24.22 and a 200-day moving average price of $28.18. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -7.54 and a beta of 0.32. Edgewise Therapeutics, Inc. has a 1-year low of $10.60 and a 1-year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.03). Equities research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Institutional Trading of Edgewise Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Summit Investment Advisors Inc. lifted its holdings in shares of Edgewise Therapeutics by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company's stock worth $203,000 after acquiring an additional 482 shares during the period. Alliancebernstein L.P. boosted its position in shares of Edgewise Therapeutics by 1.7% during the 4th quarter. Alliancebernstein L.P. now owns 77,260 shares of the company's stock worth $2,063,000 after purchasing an additional 1,300 shares in the last quarter. Diadema Partners LP acquired a new position in Edgewise Therapeutics during the 4th quarter valued at about $36,000. Rhumbline Advisers grew its position in Edgewise Therapeutics by 1.5% in the 4th quarter. Rhumbline Advisers now owns 102,397 shares of the company's stock worth $2,734,000 after purchasing an additional 1,525 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Edgewise Therapeutics by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,313 shares of the company's stock worth $1,103,000 after buying an additional 1,595 shares during the last quarter.

Analyst Ratings Changes

EWTX has been the subject of several recent research reports. Royal Bank of Canada reduced their price objective on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a "hold" rating and a $30.00 price target for the company. Scotiabank lowered shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and cut their price objective for the stock from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Piper Sandler reaffirmed an "overweight" rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Finally, 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 research note on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $40.38.

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.