Edgewise Therapeutics, Inc. $EWTX Stock Sold by Moody Aldrich Partners LLC

Moody Aldrich Partners LLC cut its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 18.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 85,563 shares of the company’s stock after selling 19,389 shares during the quarter. Moody Aldrich Partners LLC owned approximately 0.08% of Edgewise Therapeutics worth $3,474,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Sterling Capital Management LLC raised its stake in Edgewise Therapeutics by 840.2% during the 3rd quarter. Sterling Capital Management LLC now owns 2,360 shares of the company’s stock worth $96,000 after acquiring an additional 2,109 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Edgewise Therapeutics in the third quarter worth approximately $29,849,000. GAMMA Investing LLC boosted its position in shares of Edgewise Therapeutics by 26.5% in the third quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock worth $108,000 after purchasing an additional 559 shares during the period. First Light Asset Management LLC boosted its position in shares of Edgewise Therapeutics by 9.3% in the second quarter. First Light Asset Management LLC now owns 1,095,171 shares of the company’s stock worth $44,497,000 after purchasing an additional 93,325 shares during the period. Finally, Engineers Gate Manager LP purchased a new stake in shares of Edgewise Therapeutics in the second quarter worth $271,000.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan Russell sold 5,901 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total transaction of $258,050.73. Following the completion of the transaction, the insider owned 31,466 shares of the company’s stock, valued at $1,376,008.18. This 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 the SEC website. 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 the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total value of $784,973.28. Following the transaction, the chief executive officer owned 52,488 shares of the company’s stock, valued at approximately $2,292,675.84. The trade was a 25.51% decrease in their position. 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 90 days. Company insiders own 21.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. The Goldman Sachs Group raised their price objective on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. Oppenheimer initiated 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Thursday, October 15th. William Blair assumed coverage on Edgewise Therapeutics in a research note on Friday, October 16th. They issued an “outperform” rating for the company. Finally, Wall Street Zen raised Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.33.

Edgewise Therapeutics Price Performance

Edgewise Therapeutics stock opened at $40.49 on Thursday. Edgewise Therapeutics, Inc. has a 1 year low of $15.94 and a 1 year high of $48.51. The firm’s 50 day moving average price is $41.58 and its 200-day moving average price is $36.09. The stock has a market cap of $4.40 billion, a P/E ratio of -21.89 and a beta of 0.35.

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

Edgewise Therapeutics Profile

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.