Tang Capital Management LLC Purchases Shares of 300,000 Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Tang Capital Management LLC purchased a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the 4th quarter, Holdings Channel reports. The firm purchased 300,000 shares of the company’s stock, valued at approximately $8,010,000.

Other large investors also recently made changes to their positions in the company. Diadema Partners LP acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $36,000. Aquatic Capital Management LLC acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $77,000. Tower Research Capital LLC TRC boosted its holdings in shares of Edgewise Therapeutics by 1,097.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock valued at $98,000 after acquiring an additional 3,369 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $103,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $182,000.

Insider Buying and Selling

In other news, Director Orbimed Advisors Llc acquired 496,771 shares of the firm’s stock in a transaction that occurred on Thursday, April 3rd. The stock was purchased at an average price of $20.13 per share, with a total value of $10,000,000.23. Following the purchase, the director now owns 14,809,075 shares of the company’s stock, valued at approximately $298,106,679.75. This trade represents a 3.47% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Alan J. Russell sold 1,551 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $25,513.95. Following the completion of the transaction, the insider now directly owns 18,521 shares of the company’s stock, valued at $304,670.45. This represents a 7.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,258 shares of company stock valued at $234,544. Company insiders own 23.20% of the company’s stock.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $14.78 on Friday. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -9.85 and a beta of 0.36. Edgewise Therapeutics, Inc. has a 1-year low of $10.60 and a 1-year high of $38.12. The company has a 50 day moving average price of $16.96 and a 200 day moving average price of $24.88.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.02. On average, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Guggenheim assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, April 30th. They issued a “buy” rating and a $41.00 price objective for the company. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective for the company. Scotiabank cut shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Wedbush reiterated an “outperform” rating and issued a $43.00 price objective on shares of Edgewise Therapeutics in a report on Monday, April 21st. Finally, Royal Bank of Canada decreased their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $40.22.

About Edgewise Therapeutics

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.