Edgewise Therapeutics, Inc. $EWTX Stock Position Reduced by Cormorant Asset Management LP

Cormorant Asset Management LP lessened its holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 18.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,285,000 shares of the company’s stock after selling 725,000 shares during the quarter. Edgewise Therapeutics makes up approximately 3.8% of Cormorant Asset Management LP’s holdings, making the stock its 8th largest position. Cormorant Asset Management LP’s holdings in Edgewise Therapeutics were worth $81,517,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Orbimed Advisors LLC increased its holdings in Edgewise Therapeutics by 3.3% in the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock valued at $203,447,000 after buying an additional 496,771 shares during the last quarter. RA Capital Management L.P. grew its holdings in shares of Edgewise Therapeutics by 5.3% during the third quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock worth $169,149,000 after purchasing an additional 525,804 shares during the last quarter. Paradigm Biocapital Advisors LP grew its holdings in shares of Edgewise Therapeutics by 6.0% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock worth $162,320,000 after purchasing an additional 371,079 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Edgewise Therapeutics by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 4,871,624 shares of the company’s stock worth $120,889,000 after purchasing an additional 67,683 shares during the last quarter. Finally, Siren L.L.C. grew its holdings in shares of Edgewise Therapeutics by 16.2% during the fourth quarter. Siren L.L.C. now owns 4,529,990 shares of the company’s stock worth $112,412,000 after purchasing an additional 632,891 shares during the last quarter.

Edgewise Therapeutics Stock Up 2.6%

NASDAQ EWTX opened at $34.82 on Thursday. Edgewise Therapeutics, Inc. has a 52-week low of $12.15 and a 52-week high of $40.76. The business’s 50-day moving average price is $33.79 and its 200 day moving average price is $29.86. The firm has a market cap of $3.75 billion, a P/E ratio of -20.98 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. As a group, 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 firm’s stock in a transaction dated Tuesday, May 5th. The stock was 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 of the company’s stock, valued at $168,435.19. This trade represents a 91.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 83,892 shares of company stock worth $3,018,216 over the last 90 days. Company insiders own 21.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on EWTX shares. Royal Bank Of Canada raised their price objective on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price objective on Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a report on Tuesday, March 17th. Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a report on Wednesday, May 6th. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $66.00 price objective on shares of Edgewise Therapeutics in a report on Monday, June 1st. One equities research 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 issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.30.

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.