Edgewise Therapeutics, Inc. $EWTX Holdings Cut by Sofinnova Investments Inc.

Sofinnova Investments Inc. decreased its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 15.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 437,819 shares of the company’s stock after selling 82,421 shares during the quarter. Sofinnova Investments Inc.’s holdings in Edgewise Therapeutics were worth $10,864,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Verition Fund Management LLC purchased a new stake in Edgewise Therapeutics in the 4th quarter worth approximately $834,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Edgewise Therapeutics in the 4th quarter worth approximately $15,892,000. Barclays PLC lifted its position in Edgewise Therapeutics by 58.8% in the 4th quarter. Barclays PLC now owns 372,738 shares of the company’s stock worth $9,249,000 after buying an additional 138,088 shares in the last quarter. Marshall Wace LLP purchased a new stake in Edgewise Therapeutics in the 4th quarter worth approximately $16,925,000. Finally, The Manufacturers Life Insurance Company lifted its position in Edgewise Therapeutics by 3.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 36,759 shares of the company’s stock worth $912,000 after buying an additional 1,221 shares in the last quarter.

Insider Activity at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the transaction, the chief marketing officer owned 4,367 shares in the company, valued at $168,435.19. This represents a 91.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 83,892 shares of company stock worth $3,018,216. Corporate insiders own 21.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wedbush increased their target price on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Stifel Nicolaus set a $25.00 target price on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Raymond James Financial reiterated a “strong-buy” rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Wall Street Zen downgraded shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.22.

Edgewise Therapeutics Stock Up 1.1%

Shares of EWTX opened at $35.21 on Tuesday. The company’s fifty day moving average is $33.74 and its 200-day moving average is $29.73. Edgewise Therapeutics, Inc. has a 12 month low of $12.15 and a 12 month high of $40.76. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of -21.21 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. As a group, research analysts predict that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current fiscal year.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.