Balyasny Asset Management L.P. Makes New $624,000 Investment in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Balyasny Asset Management L.P. acquired a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,364 shares of the company’s stock, valued at approximately $624,000.

Other large investors have also recently bought and sold shares of the company. First Light Asset Management LLC acquired a new stake in Edgewise Therapeutics in the fourth quarter valued at $20,843,000. Foresite Capital Management VI LLC acquired a new stake in Edgewise Therapeutics in the fourth quarter valued at $15,620,000. Pictet Asset Management Holding SA acquired a new stake in Edgewise Therapeutics in the fourth quarter valued at $8,043,000. Adage Capital Partners GP L.L.C. grew its holdings in Edgewise Therapeutics by 1,015.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 240,000 shares of the company’s stock valued at $6,408,000 after purchasing an additional 218,491 shares during the last quarter. Finally, Amundi grew its holdings in Edgewise Therapeutics by 127.2% in the fourth quarter. Amundi now owns 341,687 shares of the company’s stock valued at $8,686,000 after purchasing an additional 191,267 shares during the last quarter.

Analyst Ratings Changes

Several analysts have weighed in on the company. Guggenheim assumed coverage on Edgewise Therapeutics in a report on Wednesday, April 30th. They issued a “buy” rating and a $41.00 target price on the stock. Piper Sandler reissued an “overweight” rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Wedbush reissued an “outperform” rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a report on Monday, April 21st. Stifel Nicolaus assumed coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective on the stock. Finally, Royal Bank of Canada cut their target price on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Edgewise Therapeutics has an average rating of “Moderate Buy” and an average price target of $40.22.

Insider Activity

In other news, insider Alan J. Russell sold 1,551 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $25,513.95. Following the completion of the transaction, the insider now owns 18,521 shares of the company’s stock, valued at $304,670.45. This represents a 7.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Joanne M. Donovan sold 5,187 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $85,326.15. Following the transaction, the chief marketing officer now directly owns 21,588 shares of the company’s stock, valued at approximately $355,122.60. This represents a 19.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock valued at $234,544 in the last 90 days. 23.20% of the stock is currently owned by insiders.

Edgewise Therapeutics Trading Down 0.7%

Shares of EWTX stock opened at $14.45 on Friday. The firm has a 50-day moving average price of $17.22 and a 200 day moving average price of $25.08. Edgewise Therapeutics, Inc. has a twelve month low of $10.60 and a twelve month high of $38.12. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of -9.63 and a beta of 0.36.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.02. As a group, research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

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.