Norges Bank Makes New $18.65 Million Investment in Edgewise Therapeutics, Inc. $EWTX

Norges Bank bought a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 751,355 shares of the company’s stock, valued at approximately $18,645,000. Norges Bank owned approximately 0.71% of Edgewise Therapeutics at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Jones Financial Companies Lllp acquired a new position in shares of Edgewise Therapeutics during the first quarter worth approximately $47,000. Bessemer Group Inc. lifted its position in shares of Edgewise Therapeutics by 1,170.3% during the third quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock worth $38,000 after purchasing an additional 2,165 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Edgewise Therapeutics during the second quarter worth approximately $45,000. Strs Ohio acquired a new position in shares of Edgewise Therapeutics during the first quarter worth approximately $84,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Edgewise Therapeutics by 26.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,145 shares of the company’s stock worth $128,000 after purchasing an additional 1,072 shares in the last quarter.

Insiders Place Their Bets

In related news, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction that occurred on 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 transaction, the chief marketing officer directly owned 4,367 shares in the company, valued at $168,435.19. This represents a 91.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 83,892 shares of company stock valued at $3,018,216 in the last quarter. Corporate insiders own 21.30% of the company’s stock.

Wall Street Analyst Weigh In

EWTX has been the topic of a number of research reports. Truist Financial set a $52.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, May 6th. Raymond James Financial reiterated a “strong-buy” rating and set a $66.00 target price on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Monday, April 20th. JPMorgan Chase & Co. upped their target price on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Finally, Wall Street Zen lowered shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.22.

Edgewise Therapeutics Price Performance

Shares of NASDAQ EWTX opened at $34.06 on Wednesday. The company’s 50 day simple moving average is $33.57 and its 200 day simple moving average is $29.42. Edgewise Therapeutics, Inc. has a fifty-two week low of $12.15 and a fifty-two week high of $40.76. The firm has a market capitalization of $3.66 billion, a P/E ratio of -20.52 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.04. Sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.99 EPS for the current fiscal year.

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.