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

HighVista Strategies LLC bought a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 88,838 shares of the company’s stock, valued at approximately $2,371,000.

Several other hedge funds also recently added to or reduced their stakes in EWTX. Sofinnova Investments Inc. purchased a new stake in shares of Edgewise Therapeutics during the second quarter worth about $8,567,000. Federated Hermes Inc. purchased a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at approximately $833,000. Vanguard Group Inc. boosted its stake in Edgewise Therapeutics by 89.0% in the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after purchasing an additional 1,892,053 shares in the last quarter. SG Americas Securities LLC grew its position in Edgewise Therapeutics by 657.9% during the 2nd quarter. SG Americas Securities LLC now owns 64,173 shares of the company’s stock worth $1,156,000 after purchasing an additional 55,706 shares during the last quarter. Finally, Ally Bridge Group NY LLC acquired a new position in Edgewise Therapeutics during the 3rd quarter valued at approximately $5,010,000.

Edgewise Therapeutics Stock Down 4.4 %

Shares of EWTX opened at $31.54 on Tuesday. Edgewise Therapeutics, Inc. has a 52-week low of $6.07 and a 52-week high of $38.12. The firm’s fifty day moving average is $31.92 and its two-hundred day moving average is $23.29.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on EWTX. Wedbush lifted their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. increased their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Evercore ISI began coverage on shares of Edgewise Therapeutics in a report on Friday, November 22nd. They issued an “outperform” rating and a $45.00 price target for the company. Piper Sandler increased their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Truist Financial boosted their target price on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics has a consensus rating of “Buy” and a consensus price target of $42.33.

Insider Activity at Edgewise Therapeutics

In related news, CFO R Michael Carruthers sold 125,092 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the completion of the sale, the chief financial officer now owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. This represents a 94.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Alan J. Russell sold 75,000 shares of Edgewise Therapeutics stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the transaction, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. This trade represents a 85.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 278,176 shares of company stock valued at $7,893,316. 24.11% of the stock is currently owned by insiders.

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.