Eversept Partners LP Sells 164,894 Shares of Edgewise Therapeutics, Inc. $EWTX

Eversept Partners LP reduced its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 32.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 337,340 shares of the company’s stock after selling 164,894 shares during the quarter. Eversept Partners LP’s holdings in Edgewise Therapeutics were worth $8,371,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in EWTX. Morgan Stanley lifted its position in Edgewise Therapeutics by 234.7% in the 4th quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock valued at $72,234,000 after acquiring an additional 2,041,203 shares in the last quarter. UBS Group AG lifted its position in Edgewise Therapeutics by 1,755.0% during the 4th quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock worth $52,535,000 after buying an additional 2,002,945 shares in the last quarter. Norges Bank bought a new stake in Edgewise Therapeutics during the 4th quarter worth about $18,645,000. Sofinnova Investments Inc. lifted its position in Edgewise Therapeutics by 3,185.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock worth $9,398,000 after buying an additional 695,055 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Edgewise Therapeutics during the 4th quarter worth about $16,925,000.

Edgewise Therapeutics Stock Performance

Shares of EWTX stock opened at $34.82 on Thursday. The firm’s 50-day moving average is $33.79 and its 200-day moving average is $29.86. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of -20.98 and a beta of 0.27. Edgewise Therapeutics, Inc. has a 52-week low of $12.15 and a 52-week high of $40.76.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.04. Sell-side analysts predict that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

EWTX has been the topic of several analyst reports. Truist Financial set a $52.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, May 6th. Stifel Nicolaus set a $25.00 price target on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. The Goldman Sachs Group boosted their price target on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday. Evercore reissued an “outperform” rating and set a $45.00 price target on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Finally, Wedbush boosted their price target on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.30.

Insider Activity

In other news, CMO Joanne M. Donovan sold 50,000 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total value of $1,928,500.00. Following the sale, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at approximately $168,435.19. This represents a 91.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 83,892 shares of company stock valued at $3,018,216. 21.30% of the stock is currently owned by corporate insiders.

Edgewise Therapeutics Company Profile

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.