Profund Advisors LLC Acquires 27,634 Shares of Edgewise Therapeutics, Inc. $EWTX

Profund Advisors LLC increased its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 301.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,798 shares of the company’s stock after buying an additional 27,634 shares during the period. Profund Advisors LLC’s holdings in Edgewise Therapeutics were worth $1,494,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Edgewise Therapeutics in the 2nd quarter valued at approximately $268,415,000. Jupiter Topco LLC bought a new position in shares of Edgewise Therapeutics during the second quarter valued at $246,945,000. Janus Henderson Group PLC lifted its holdings in shares of Edgewise Therapeutics by 29.5% during the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after purchasing an additional 1,348,706 shares during the period. Bank of America Corp DE acquired a new position in shares of Edgewise Therapeutics during the second quarter worth $63,312,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of 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 purchasing an additional 6,060 shares during the period.

Insider Activity

In other news, General Counsel John Moore sold 5,016 shares of Edgewise Therapeutics stock in a transaction dated 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 of the company’s stock, valued at approximately $775,482.54. This trade represents a 22.08% decrease in their position. 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, CEO Kevin Koch sold 17,971 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the completion of the transaction, the chief executive officer directly owned 52,488 shares of the company’s stock, valued at approximately $2,292,675.84. This trade represents a 25.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 38,329 shares of company stock worth $1,675,529 over the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 14th. William Blair initiated coverage on Edgewise Therapeutics in a research report on Friday, October 16th. They set an “outperform” rating for the company. Wall Street Zen raised Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.33.

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock opened at $38.11 on Tuesday. Edgewise Therapeutics, Inc. has a 52-week low of $16.70 and a 52-week high of $48.51. The firm has a 50 day moving average price of $41.22 and a two-hundred day moving average price of $36.30. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of -20.60 and a beta of 0.35.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). As a group, equities research analysts predict that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule therapies for severe muscle disorders. The company’s research programs target the biology of skeletal and cardiac muscle, with the goal of addressing diseases for which treatment options remain limited.

Edgewise’s lead product candidate is sevasemten (formerly EDG-5506), an oral therapy designed to reduce contraction-induced muscle damage associated with dystrophinopathies, including Duchenne and Becker muscular dystrophy.