Insider Buying: Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Director Acquires $10,000,000.23 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Director Orbimed Advisors Llc acquired 496,771 shares of the stock in a transaction dated Thursday, April 3rd. The shares were purchased at an average cost of $20.13 per share, with a total value of $10,000,000.23. Following the completion of the purchase, the director now owns 14,809,075 shares of the company’s stock, valued at approximately $298,106,679.75. The trade was a 3.47 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Edgewise Therapeutics Trading Down 15.2 %

Shares of EWTX stock opened at $11.51 on Monday. The company’s fifty day moving average price is $25.20 and its 200-day moving average price is $28.54. The stock has a market cap of $1.21 billion, a PE ratio of -7.67 and a beta of 0.32. Edgewise Therapeutics, Inc. has a 12 month low of $11.50 and a 12 month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on EWTX shares. Piper Sandler reaffirmed an “overweight” rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Stifel Nicolaus started coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target for the company. Evercore ISI boosted their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Scotiabank cut shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Finally, Royal Bank of Canada reduced their price target on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday. Two 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.38.

Institutional Trading of Edgewise Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Baker BROS. Advisors LP raised its stake in Edgewise Therapeutics by 5.4% during the fourth quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company’s stock valued at $164,364,000 after buying an additional 315,881 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Edgewise Therapeutics by 9.3% during the fourth quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company’s stock valued at $133,044,000 after acquiring an additional 425,421 shares in the last quarter. Paradigm Biocapital Advisors LP raised its position in shares of Edgewise Therapeutics by 61.1% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company’s stock worth $119,988,000 after purchasing an additional 1,704,757 shares during the last quarter. Braidwell LP boosted its stake in Edgewise Therapeutics by 19.1% in the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company’s stock worth $62,270,000 after purchasing an additional 373,886 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C grew its position in Edgewise Therapeutics by 16.7% during the 4th quarter. Deerfield Management Company L.P. Series C now owns 2,078,509 shares of the company’s stock valued at $55,496,000 after purchasing an additional 297,503 shares during the last quarter.

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.