Siren L.L.C. Reduces Stock Position in Edgewise Therapeutics, Inc. $EWTX

Siren L.L.C. lessened its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 2.2% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 4,430,263 shares of the company’s stock after selling 99,727 shares during the quarter. Edgewise Therapeutics comprises about 3.9% of Siren L.L.C.’s investment portfolio, making the stock its 4th biggest position. Siren L.L.C.’s holdings in Edgewise Therapeutics were worth $139,553,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Sei Investments Co. grew its stake in shares of Edgewise Therapeutics by 57.1% in the first quarter. Sei Investments Co. now owns 49,082 shares of the company’s stock valued at $1,546,000 after acquiring an additional 17,832 shares in the last quarter. First Trust Advisors LP acquired a new stake in shares of Edgewise Therapeutics in the first quarter valued at approximately $288,000. Dimensional Fund Advisors LP grew its position in Edgewise Therapeutics by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,219,717 shares of the company’s stock worth $38,413,000 after buying an additional 6,060 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after purchasing an additional 406 shares in the last quarter. Finally, AlphaCentric Advisors LLC increased its holdings in Edgewise Therapeutics by 6.2% in the 1st quarter. AlphaCentric Advisors LLC now owns 15,615 shares of the company’s stock valued at $492,000 after buying an additional 912 shares during the period.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Wedbush boosted their price target on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Leerink Partners set a $52.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Guggenheim upped their price target on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Finally, Evercore reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of Edgewise Therapeutics in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.75.

Edgewise Therapeutics Stock Up 2.5%

Shares of EWTX stock opened at $39.29 on Friday. Edgewise Therapeutics, Inc. has a 52 week low of $12.30 and a 52 week high of $48.40. The firm has a 50 day moving average of $37.53 and a 200-day moving average of $32.88. The company has a market cap of $4.23 billion, a price-to-earnings ratio of -23.67 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. Analysts anticipate that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current year.

Insider Activity

In related news, CMO Joanne M. Donovan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the sale, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at $168,435.19. The trade was a 91.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Alan J. Russell sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total value of $7,882,000.00. Following the transaction, the insider directly owned 24,555 shares in the company, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 255,230 shares of company stock valued at $9,974,147. 21.30% of the stock is currently owned by company insiders.

Edgewise Therapeutics 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.