Sio Capital Management LLC Acquires New Position in Edgewise Therapeutics, Inc. $EWTX

Sio Capital Management LLC bought a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 539,730 shares of the company’s stock, valued at approximately $7,076,000. Edgewise Therapeutics comprises about 2.7% of Sio Capital Management LLC’s investment portfolio, making the stock its 13th largest holding. Sio Capital Management LLC owned about 0.51% of Edgewise Therapeutics at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in EWTX. Cormorant Asset Management LP raised its holdings in Edgewise Therapeutics by 20.4% during the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock valued at $90,244,000 after buying an additional 695,458 shares in the last quarter. Braidwell LP raised its stake in shares of Edgewise Therapeutics by 5.4% in the 1st quarter. Braidwell LP now owns 2,458,808 shares of the company’s stock valued at $54,094,000 after acquiring an additional 126,612 shares in the last quarter. First Light Asset Management LLC boosted its holdings in shares of Edgewise Therapeutics by 137.3% during the 1st quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock worth $40,750,000 after buying an additional 1,071,651 shares during the period. Geode Capital Management LLC grew its stake in Edgewise Therapeutics by 8.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,797,215 shares of the company’s stock valued at $23,564,000 after buying an additional 141,551 shares during the last quarter. Finally, Siren L.L.C. raised its holdings in Edgewise Therapeutics by 131.0% in the 1st quarter. Siren L.L.C. now owns 1,696,444 shares of the company’s stock worth $37,322,000 after acquiring an additional 962,101 shares during the period.

Edgewise Therapeutics Price Performance

EWTX opened at $25.27 on Tuesday. The company’s 50 day simple moving average is $18.15 and its 200-day simple moving average is $15.58. The stock has a market capitalization of $2.68 billion, a P/E ratio of -15.99 and a beta of 0.30. Edgewise Therapeutics, Inc. has a one year low of $10.60 and a one year high of $35.50.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.01. As a group, analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. The Goldman Sachs Group assumed coverage on shares of Edgewise Therapeutics in a research report on Thursday, September 25th. They set a “neutral” rating and a $20.00 target price on the stock. Wedbush cut their target price on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. JPMorgan Chase & Co. upped their price target on Edgewise Therapeutics from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $37.27.

Insider Buying and Selling at Edgewise Therapeutics

In related news, Director Jonathan C. Fox bought 10,700 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, November 11th. The stock was purchased at an average cost of $18.64 per share, with a total value of $199,448.00. Following the purchase, the director owned 23,702 shares in the company, valued at approximately $441,805.28. This trade represents a 82.30% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.12, for a total value of $2,112,000.00. Following the completion of the sale, the insider directly owned 23,400 shares in the company, valued at $494,208. This represents a 81.04% decrease in their position. The SEC filing for this sale provides additional information. 23.20% of the stock is owned by corporate insiders.

Edgewise Therapeutics Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.