Fred Alger Management LLC Purchases New Position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Fred Alger Management LLC acquired a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 21,128 shares of the company’s stock, valued at approximately $564,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Edgewise Therapeutics by 89.0% during the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after acquiring an additional 1,892,053 shares in the last quarter. California State Teachers Retirement System grew its holdings in Edgewise Therapeutics by 23.1% during the 1st quarter. California State Teachers Retirement System now owns 36,467 shares of the company’s stock valued at $665,000 after purchasing an additional 6,847 shares in the last quarter. Simplicity Wealth LLC purchased a new stake in Edgewise Therapeutics during the 2nd quarter worth $274,000. SG Americas Securities LLC lifted its holdings in Edgewise Therapeutics by 657.9% in the 2nd quarter. SG Americas Securities LLC now owns 64,173 shares of the company’s stock worth $1,156,000 after buying an additional 55,706 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Edgewise Therapeutics by 26.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 268,712 shares of the company’s stock valued at $4,840,000 after buying an additional 56,447 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EWTX. Truist Financial lifted their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Wedbush increased their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Evercore ISI initiated coverage on shares of Edgewise Therapeutics in a report on Friday, November 22nd. They set an “outperform” rating and a $45.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $42.33.

Edgewise Therapeutics Stock Up 2.5 %

Shares of NASDAQ:EWTX opened at $33.00 on Monday. The company has a market cap of $3.12 billion, a PE ratio of -22.00 and a beta of 0.14. Edgewise Therapeutics, Inc. has a fifty-two week low of $5.93 and a fifty-two week high of $38.12. The firm has a 50-day simple moving average of $31.92 and a 200 day simple moving average of $23.25.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. As a group, research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, CFO R Michael Carruthers sold 125,092 shares of the stock in a transaction that occurred on 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 directly owns 6,904 shares of the company’s stock, valued at $197,247.28. This represents a 94.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel John R. Moore sold 20,922 shares of Edgewise Therapeutics stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $27.63, for a total value of $578,074.86. Following the sale, the general counsel now directly owns 3,252 shares in the company, valued at $89,852.76. The trade was a 86.55 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 278,176 shares of company stock worth $7,893,316. 24.11% of the stock is owned by insiders.

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.