Edgewise Therapeutics, Inc. $EWTX Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC lowered its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 31.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 232,295 shares of the company’s stock after selling 107,322 shares during the quarter. Granahan Investment Management LLC owned about 0.22% of Edgewise Therapeutics worth $5,764,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of EWTX. Morgan Stanley grew its stake in shares of Edgewise Therapeutics by 234.7% in the fourth quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock valued at $72,234,000 after buying an additional 2,041,203 shares in the last quarter. UBS Group AG grew its stake in shares of Edgewise Therapeutics by 1,755.0% in the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock valued at $52,535,000 after buying an additional 2,002,945 shares in the last quarter. Norges Bank acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at about $18,645,000. Sofinnova Investments Inc. grew its stake in shares of Edgewise Therapeutics by 3,185.7% in the second quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock valued at $9,398,000 after buying an additional 695,055 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at about $16,925,000.

Analyst Upgrades and Downgrades

EWTX has been the subject of a number of recent analyst reports. Wall Street Zen lowered Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Raymond James Financial restated a “strong-buy” rating and set a $66.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Wedbush raised their price objective on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Royal Bank Of Canada lowered their price objective on Edgewise Therapeutics from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, June 2nd. Finally, Leerink Partners set a $52.00 price objective on Edgewise Therapeutics in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Insider Activity at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics stock in a transaction that occurred on 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 transaction, the chief marketing officer owned 4,367 shares in the company, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 83,892 shares of company stock valued at $3,018,216. 21.30% of the stock is currently owned by company insiders.

Edgewise Therapeutics Trading Down 3.6%

Shares of EWTX opened at $33.95 on Wednesday. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of -20.45 and a beta of 0.27. The stock has a 50 day moving average of $33.75 and a 200-day moving average of $29.79. Edgewise Therapeutics, Inc. has a 52 week low of $12.15 and a 52 week high of $40.76.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its 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. On average, sell-side 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.