First Light Asset Management LLC Has $31.56 Million Position in Edgewise Therapeutics, Inc. $EWTX

First Light Asset Management LLC lessened its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 36.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,001,846 shares of the company’s stock after selling 571,855 shares during the period. Edgewise Therapeutics makes up about 2.8% of First Light Asset Management LLC’s portfolio, making the stock its 12th largest holding. First Light Asset Management LLC’s holdings in Edgewise Therapeutics were worth $31,558,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in EWTX. Orbimed Advisors LLC lifted its stake in Edgewise Therapeutics by 3.3% during the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock worth $203,447,000 after purchasing an additional 496,771 shares during the last quarter. RA Capital Management L.P. increased its stake in shares of Edgewise Therapeutics by 5.3% in the 3rd quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock valued at $169,149,000 after purchasing an additional 525,804 shares during the last quarter. Paradigm Biocapital Advisors LP increased its stake in shares of Edgewise Therapeutics by 6.0% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock valued at $162,320,000 after purchasing an additional 371,079 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Edgewise Therapeutics by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 4,871,624 shares of the company’s stock worth $120,889,000 after buying an additional 67,683 shares in the last quarter. Finally, Siren L.L.C. lifted its position in shares of Edgewise Therapeutics by 16.2% during the 4th quarter. Siren L.L.C. now owns 4,529,990 shares of the company’s stock worth $112,412,000 after buying an additional 632,891 shares during the last quarter.

Insider Activity at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 50,000 shares of the firm’s 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 completion of the transaction, the chief marketing officer owned 4,367 shares of the company’s stock, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alan J. Russell sold 200,000 shares of Edgewise Therapeutics stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the transaction, the insider owned 24,555 shares in the company, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 255,230 shares of company stock valued at $9,974,147. Corporate insiders own 21.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on EWTX shares. Evercore reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Royal Bank Of Canada boosted their target price on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Truist Financial set a $52.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Finally, The Goldman Sachs Group lifted their price target on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $48.75.

Edgewise Therapeutics Stock Performance

NASDAQ:EWTX opened at $40.84 on Monday. The stock’s 50-day moving average is $37.68 and its 200-day moving average is $33.00. Edgewise Therapeutics, Inc. has a 1-year low of $12.30 and a 1-year high of $48.40. The stock has a market cap of $4.39 billion, a P/E ratio of -24.60 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.04. As a group, equities analysts forecast that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current 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.