Parkman Healthcare Partners LLC Invests $23.45 Million in Edgewise Therapeutics, Inc. $EWTX

Parkman Healthcare Partners LLC acquired a new stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 577,036 shares of the company’s stock, valued at approximately $23,445,000. Edgewise Therapeutics comprises 2.4% of Parkman Healthcare Partners LLC’s investment portfolio, making the stock its 12th largest holding.

Other institutional investors have also recently made changes to their positions in the company. Legal & General Group Plc acquired a new position in Edgewise Therapeutics during the 2nd quarter valued at about $1,816,000. The Manufacturers Life Insurance Company purchased a new stake in Edgewise Therapeutics during the 2nd quarter worth approximately $1,656,000. Algert Global LLC increased its stake in Edgewise Therapeutics by 45.3% during the 2nd quarter. Algert Global LLC now owns 47,240 shares of the company’s stock valued at $1,919,000 after purchasing an additional 14,720 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Edgewise Therapeutics in the second quarter worth $268,415,000. Finally, Deutsche Bank AG acquired a new stake in shares of Edgewise Therapeutics during the second quarter worth $9,954,000.

Insider Activity

In related news, CMO Joanne M. Donovan sold 2,919 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $43.41, for a total transaction of $126,713.79. Following the sale, the chief marketing officer directly owned 8,625 shares of the company’s stock, valued at approximately $374,411.25. This represents a 25.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan J. Russell sold 5,901 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total transaction of $258,050.73. Following the sale, the insider owned 31,466 shares in the company, valued at approximately $1,376,008.18. This represents a 15.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 238,329 shares of company stock worth $9,557,529 over the last 90 days. Company insiders own 21.30% of the company’s stock.

Analyst Ratings Changes

EWTX has been the topic of several research reports. Royal Bank Of Canada upped their target price on Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. The Goldman Sachs Group raised their price target on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Finally, Wedbush lifted their price objective on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.33.

Edgewise Therapeutics Stock Up 1.2%

Shares of EWTX opened at $44.72 on Tuesday. The company has a market capitalization of $4.86 billion, a price-to-earnings ratio of -24.17 and a beta of 0.30. Edgewise Therapeutics, Inc. has a 52 week low of $13.69 and a 52 week high of $48.40. The stock’s 50-day moving average price is $41.34 and its 200-day moving average price is $35.32.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06). As a group, equities analysts anticipate that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Edgewise Therapeutics 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.