AlphaQuest LLC Reduces Holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

AlphaQuest LLC reduced its position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 75.6% in the 4th quarter, Holdings Channel reports. The fund owned 2,203 shares of the company’s stock after selling 6,832 shares during the period. AlphaQuest LLC’s holdings in Edgewise Therapeutics were worth $59,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Amundi grew its stake in shares of Edgewise Therapeutics by 127.2% during the 4th quarter. Amundi now owns 341,687 shares of the company’s stock valued at $8,686,000 after buying an additional 191,267 shares during the period. Victory Capital Management Inc. bought a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at about $576,000. Charles Schwab Investment Management Inc. grew its position in shares of Edgewise Therapeutics by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 537,359 shares of the company’s stock valued at $14,347,000 after buying an additional 15,273 shares during the last quarter. Handelsbanken Fonder AB bought a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at about $582,000. Finally, New York State Common Retirement Fund grew its position in Edgewise Therapeutics by 6.4% in the 4th quarter. New York State Common Retirement Fund now owns 71,366 shares of the company’s stock worth $1,905,000 after purchasing an additional 4,284 shares during the last quarter.

Analyst Ratings Changes

A number of analysts have recently weighed in on EWTX shares. Evercore ISI upped their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Truist Financial upped their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $56.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Finally, Scotiabank initiated coverage on shares of Edgewise Therapeutics in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $50.00 price target for the company. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.38.

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock opened at $23.82 on Friday. Edgewise Therapeutics, Inc. has a fifty-two week low of $14.90 and a fifty-two week high of $38.12. The firm has a fifty day moving average price of $26.66 and a two-hundred day moving average price of $28.22. The company has a market cap of $2.27 billion, a PE ratio of -15.88 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). Analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the completion of the transaction, the insider now directly owns 14,863 shares of the company’s stock, valued at approximately $406,800.31. This trade represents a 87.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Koch sold 8,636 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total transaction of $259,339.08. Following the sale, the chief executive officer now owns 14,478 shares of the company’s stock, valued at $434,774.34. This trade represents a 37.36 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 164,545 shares of company stock valued at $4,605,305. Company insiders own 24.11% of the company’s stock.

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.