Quest Partners LLC Buys 7,293 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Quest Partners LLC grew its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 418.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,035 shares of the company’s stock after acquiring an additional 7,293 shares during the quarter. Quest Partners LLC’s holdings in Edgewise Therapeutics were worth $241,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Quantum Private Wealth LLC boosted its stake in Edgewise Therapeutics by 10.0% in the 3rd quarter. Quantum Private Wealth LLC now owns 73,424 shares of the company’s stock worth $1,960,000 after purchasing an additional 6,650 shares in the last quarter. Chicago Partners Investment Group LLC bought a new position in shares of Edgewise Therapeutics in the third quarter worth approximately $161,000. US Bancorp DE grew its holdings in shares of Edgewise Therapeutics by 12,452.9% during the third quarter. US Bancorp DE now owns 8,536 shares of the company’s stock valued at $228,000 after buying an additional 8,468 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Edgewise Therapeutics by 64.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 18,035 shares of the company’s stock valued at $481,000 after acquiring an additional 7,062 shares in the last quarter. Finally, abrdn plc purchased a new position in Edgewise Therapeutics in the 3rd quarter worth approximately $6,850,000.

Analyst Upgrades and Downgrades

A number of research firms have commented on EWTX. JPMorgan Chase & Co. lifted their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Truist Financial lifted their price target on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Piper Sandler increased their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Finally, Wedbush raised their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics presently has a consensus rating of “Buy” and an average target price of $39.50.

Insider Activity

In other news, CFO R Michael Carruthers sold 125,092 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.57, for a total value of $3,573,878.44. Following the completion of the transaction, the chief financial officer now owns 6,904 shares of the company’s stock, valued at $197,247.28. This represents a 94.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Alan J. Russell sold 75,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the sale, the insider now owns 12,719 shares in the company, valued at approximately $359,566.13. The trade was a 85.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 278,176 shares of company stock valued at $7,893,316 in the last ninety days. Corporate insiders own 24.11% of the company’s stock.

Edgewise Therapeutics Trading Up 0.3 %

EWTX opened at $32.08 on Wednesday. Edgewise Therapeutics, Inc. has a 12-month low of $5.93 and a 12-month high of $38.12. The company has a market cap of $3.04 billion, a price-to-earnings ratio of -21.39 and a beta of 0.14. The company’s 50 day moving average is $31.23 and its 200 day moving average is $22.88.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.01. As a group, analysts predict that Edgewise Therapeutics, Inc. will post -1.46 EPS for the current fiscal year.

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.