First Light Asset Management LLC Purchases 93,325 Shares of Edgewise Therapeutics, Inc. $EWTX

First Light Asset Management LLC lifted its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 9.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,095,171 shares of the company’s stock after purchasing an additional 93,325 shares during the quarter. Edgewise Therapeutics makes up about 2.7% of First Light Asset Management LLC’s investment portfolio, making the stock its 16th largest position. First Light Asset Management LLC owned 1.01% of Edgewise Therapeutics worth $44,497,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Engineers Gate Manager LP acquired a new position in shares of Edgewise Therapeutics in the second quarter valued at $271,000. Squarepoint Ops LLC acquired a new stake in Edgewise Therapeutics during the second quarter worth $230,000. Allianz Asset Management GmbH bought a new stake in Edgewise Therapeutics in the 2nd quarter valued at $370,000. Corient Private Wealth LP bought a new stake in Edgewise Therapeutics in the 2nd quarter valued at $502,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at $240,000.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $43.39 on Thursday. Edgewise Therapeutics, Inc. has a 52 week low of $13.69 and a 52 week high of $48.40. The company’s fifty day moving average is $42.39 and its 200-day moving average is $36.45. The company has a market capitalization of $4.71 billion, a PE ratio of -23.45 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06). On average, analysts forecast that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current year.

Insider Activity

In other news, insider Alan Russell sold 5,901 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total value of $258,050.73. Following the completion of the transaction, the insider owned 31,466 shares in the company, valued at approximately $1,376,008.18. The trade was a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John R. Moore sold 5,016 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total value of $219,801.12. Following the completion of the transaction, the general counsel directly owned 17,697 shares in the company, valued at $775,482.54. The trade was a 22.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 238,329 shares of company stock worth $9,557,529. Corporate insiders own 21.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Evercore reissued an “outperform” rating and issued a $55.00 price target on shares of Edgewise Therapeutics in a research report on Monday, July 20th. Royal Bank Of Canada raised their price target on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Oppenheimer began coverage on Edgewise Therapeutics in a report on Thursday, July 9th. They set an “outperform” rating and a $51.00 price objective on the stock. Finally, The Goldman Sachs Group upped their price objective on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.33.

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.