Novo Holdings A S Acquires Shares of 6,344,430 Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Novo Holdings A S bought 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 fund bought 6,344,430 shares of the company’s stock, valued at approximately $114,263,000. Edgewise Therapeutics comprises approximately 5.7% of Novo Holdings A S’s portfolio, making the stock its 6th largest holding. Novo Holdings A S owned approximately 0.07% of Edgewise Therapeutics at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in EWTX. Quest Partners LLC boosted its stake in Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Edgewise Therapeutics during the second quarter worth $35,000. Ameritas Investment Partners Inc. grew its holdings in shares of Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after buying an additional 1,561 shares during the period. Arizona State Retirement System bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at $188,000. Finally, Dark Forest Capital Management LP bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at $193,000.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 50,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.37, for a total transaction of $1,418,500.00. Following the sale, the general counsel now directly owns 3,252 shares of the company’s stock, valued at $92,259.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Edgewise Therapeutics news, General Counsel John R. Moore sold 20,922 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $27.63, for a total value of $578,074.86. Following the sale, the general counsel now owns 3,252 shares in the company, valued at $89,852.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel John R. Moore sold 50,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.37, for a total value of $1,418,500.00. Following the transaction, the general counsel now owns 3,252 shares of the company’s stock, valued at $92,259.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 278,176 shares of company stock valued at $7,893,316. Insiders own 24.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Wedbush restated an “outperform” rating and set a $31.00 target price on shares of Edgewise Therapeutics in a report on Friday, August 16th. Truist Financial upped their price target on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Piper Sandler restated an “overweight” rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a report on Monday, July 1st. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics has an average rating of “Buy” and an average target price of $35.00.

Edgewise Therapeutics Stock Performance

NASDAQ EWTX opened at $26.09 on Monday. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -16.83 and a beta of 0.15. Edgewise Therapeutics, Inc. has a 52 week low of $5.12 and a 52 week high of $30.00. The stock’s 50 day moving average price is $19.42 and its two-hundred day moving average price is $18.44.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.02. On average, equities research analysts forecast that Edgewise Therapeutics, Inc. will post -1.47 EPS for the current year.

Edgewise Therapeutics Company 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.