The Manufacturers Life Insurance Company Purchases Shares of 40,757 Edgewise Therapeutics, Inc. $EWTX

The Manufacturers Life Insurance Company acquired a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 40,757 shares of the company’s stock, valued at approximately $1,656,000.

Other hedge funds have also modified their holdings of the company. Parallel Advisors LLC lifted its holdings in shares of Edgewise Therapeutics by 64.9% during the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after purchasing an additional 406 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Edgewise Therapeutics during the second quarter valued at about $45,000. Jones Financial Companies Lllp purchased a new stake in Edgewise Therapeutics during the first quarter valued at about $47,000. KBC Group NV acquired a new position in shares of Edgewise Therapeutics in the first quarter worth about $49,000. Finally, Seven Fleet Capital Management LP purchased a new position in shares of Edgewise Therapeutics in the fourth quarter worth approximately $50,000.

Edgewise Therapeutics Trading Down 0.1%

NASDAQ EWTX opened at $41.95 on Friday. Edgewise Therapeutics, Inc. has a 1-year low of $13.69 and a 1-year high of $48.40. The firm’s fifty day simple moving average is $42.17 and its 200-day simple moving average is $36.07. The company has a market capitalization of $4.56 billion, a PE ratio of -22.68 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data 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, analysts predict that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on EWTX shares. JPMorgan Chase & Co. upped their price target on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, August 20th. Oppenheimer assumed coverage on shares of Edgewise Therapeutics in a research note on Thursday, July 9th. They set an “outperform” rating and a $51.00 target price on the stock. Raymond James Financial restated a “strong-buy” rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a report on Monday, June 1st. The Goldman Sachs Group raised their target price on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Finally, Evercore reiterated an “outperform” rating and set a $55.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.33.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan Russell sold 5,901 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total transaction of $258,050.73. Following the completion of the sale, the insider directly owned 31,466 shares of the company’s stock, valued at $1,376,008.18. This trade represents a 15.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne Donovan sold 2,919 shares of Edgewise Therapeutics stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $43.41, for a total value of $126,713.79. Following the sale, the chief marketing officer owned 8,625 shares of the company’s stock, valued at approximately $374,411.25. This represents a 25.29% 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 238,329 shares of company stock valued at $9,557,529 over the last 90 days. Company insiders own 21.30% of the company’s stock.

About Edgewise Therapeutics

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.