Wellington Management Group LLP Sells 288,526 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Wellington Management Group LLP trimmed its position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 58.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 205,321 shares of the company's stock after selling 288,526 shares during the quarter. Wellington Management Group LLP owned about 0.22% of Edgewise Therapeutics worth $5,480,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Bank of New York Mellon Corp increased its position in Edgewise Therapeutics by 26.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 268,712 shares of the company's stock worth $4,840,000 after buying an additional 56,447 shares during the period. Rhumbline Advisers boosted its holdings in Edgewise Therapeutics by 16.7% in the 2nd quarter. Rhumbline Advisers now owns 98,269 shares of the company's stock valued at $1,770,000 after purchasing an additional 14,041 shares during the period. Arizona State Retirement System acquired a new stake in Edgewise Therapeutics in the 2nd quarter worth $188,000. Quest Partners LLC raised its position in shares of 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 during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Edgewise Therapeutics in the second quarter valued at about $247,000.

Edgewise Therapeutics Price Performance

EWTX stock traded down $2.52 during trading hours on Tuesday, reaching $30.17. 1,641,188 shares of the stock were exchanged, compared to its average volume of 940,576. The company has a market cap of $2.86 billion, a price-to-earnings ratio of -20.11 and a beta of 0.12. The firm's 50-day moving average is $32.82 and its 200-day moving average is $24.39. Edgewise Therapeutics, Inc. has a 12 month low of $6.82 and a 12 month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.37) by $0.01. As a group, equities research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 7,162 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.29, for a total transaction of $202,612.98. Following the completion of the sale, the chief marketing officer now directly owns 14,538 shares in the company, valued at $411,280.02. This trade represents a 33.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO R Michael Carruthers sold 125,092 shares of the company's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.57, for a total value of $3,573,878.44. Following the sale, the chief financial officer now owns 6,904 shares of the company's stock, valued at $197,247.28. The trade was a 94.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 278,176 shares of company stock valued at $7,893,316. 24.11% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on EWTX shares. Royal Bank of Canada reissued an "outperform" rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Truist Financial increased their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, November 27th. Evercore ISI boosted their price target on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an "outperform" rating in a research note on Tuesday. Wedbush increased their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Finally, Piper Sandler lifted their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an "overweight" rating in a research report on Friday, October 11th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $43.17.

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.