Woodline Partners LP Raises Stake in Edgewise Therapeutics, Inc. $EWTX

Woodline Partners LP boosted its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 93.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,096,809 shares of the company’s stock after purchasing an additional 529,591 shares during the period. Woodline Partners LP owned approximately 1.04% of Edgewise Therapeutics worth $24,130,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Jones Financial Companies Lllp purchased a new position in Edgewise Therapeutics during the 1st quarter worth $47,000. GF Fund Management CO. LTD. purchased a new position in Edgewise Therapeutics during the 4th quarter worth $53,000. Allostery Investments LP purchased a new position in Edgewise Therapeutics during the 1st quarter worth $66,000. Caitong International Asset Management Co. Ltd grew its position in Edgewise Therapeutics by 55.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company’s stock worth $70,000 after purchasing an additional 1,141 shares during the last quarter. Finally, AlphaQuest LLC grew its position in Edgewise Therapeutics by 324.8% during the 1st quarter. AlphaQuest LLC now owns 9,358 shares of the company’s stock worth $206,000 after purchasing an additional 7,155 shares during the last quarter.

Edgewise Therapeutics Stock Performance

EWTX stock opened at $14.75 on Wednesday. Edgewise Therapeutics, Inc. has a one year low of $10.60 and a one year high of $38.12. The company has a fifty day moving average of $13.95 and a 200-day moving average of $16.14. The stock has a market capitalization of $1.55 billion, a PE ratio of -9.52 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.08. Equities analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $14.60, for a total value of $1,460,000.00. Following the completion of the sale, the insider owned 23,400 shares in the company, valued at $341,640. This trade represents a 81.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Joanne M. Donovan sold 2,862 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $38,322.18. Following the completion of the sale, the chief marketing officer owned 25,361 shares of the company’s stock, valued at $339,583.79. This trade represents a 10.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 116,267 shares of company stock worth $1,677,815 over the last three months. 23.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Royal Bank Of Canada raised their price objective on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. HC Wainwright began coverage on shares of Edgewise Therapeutics in a research note on Monday, June 30th. They issued a “buy” rating and a $42.00 target price for the company. Raymond James Financial began coverage on shares of Edgewise Therapeutics in a research note on Wednesday, July 30th. They issued a “strong-buy” rating and a $46.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their target price on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating for the company in a research note on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $40.55.

Edgewise Therapeutics Profile

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.