Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Stock Position Raised by Paradigm Biocapital Advisors LP

Paradigm Biocapital Advisors LP grew its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 61.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,493,929 shares of the company’s stock after buying an additional 1,704,757 shares during the quarter. Edgewise Therapeutics accounts for about 4.2% of Paradigm Biocapital Advisors LP’s investment portfolio, making the stock its 7th largest holding. Paradigm Biocapital Advisors LP owned about 4.75% of Edgewise Therapeutics worth $119,988,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Diadema Partners LP bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at approximately $36,000. Aquatic Capital Management LLC acquired a new position in Edgewise Therapeutics in the fourth quarter worth $77,000. Tower Research Capital LLC TRC increased its stake in Edgewise Therapeutics by 1,097.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock valued at $98,000 after purchasing an additional 3,369 shares during the last quarter. Quantbot Technologies LP acquired a new position in Edgewise Therapeutics in the fourth quarter valued at approximately $103,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $182,000.

Edgewise Therapeutics Trading Up 0.5%

Shares of EWTX opened at $14.89 on Wednesday. The business’s 50-day moving average price is $17.75 and its 200 day moving average price is $25.29. The stock has a market capitalization of $1.56 billion, a P/E ratio of -9.93 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.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.02. On average, research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

EWTX has been the subject of a number of recent research reports. Scotiabank downgraded Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Royal Bank of Canada dropped their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday, April 3rd. Wedbush reissued an “outperform” rating and set a $43.00 target price on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Piper Sandler reiterated an “overweight” rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Finally, Guggenheim started coverage on Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a “buy” rating and a $41.00 price target for the company. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.22.

Insider Activity

In other news, insider Alan J. Russell sold 1,551 shares of Edgewise Therapeutics stock in a transaction dated 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 sale, the insider now directly owns 18,521 shares in the company, valued at $304,670.45. The trade was a 7.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Orbimed Advisors Llc purchased 496,771 shares of the company’s stock in a transaction dated Thursday, April 3rd. The shares were acquired at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the purchase, the director now owns 14,809,075 shares in the company, valued at $298,106,679.75. The trade was a 3.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 14,258 shares of company stock worth $234,544 in the last ninety days. Corporate insiders own 24.11% of the company’s stock.

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.