Ally Bridge Group NY LLC Buys Shares of 187,695 Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Ally Bridge Group NY LLC purchased a new stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 187,695 shares of the company’s stock, valued at approximately $5,010,000. Edgewise Therapeutics makes up approximately 2.7% of Ally Bridge Group NY LLC’s portfolio, making the stock its 18th largest position. Ally Bridge Group NY LLC owned 0.20% of Edgewise Therapeutics as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Novo Holdings A S purchased a new position in Edgewise Therapeutics in the second quarter valued at about $114,263,000. Vanguard Group Inc. increased its holdings in Edgewise Therapeutics by 89.0% in the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after buying an additional 1,892,053 shares during the last quarter. Millennium Management LLC raised its position in Edgewise Therapeutics by 115.2% during the second quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock valued at $20,631,000 after acquiring an additional 613,251 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Edgewise Therapeutics by 48.6% in the first quarter. Janus Henderson Group PLC now owns 1,805,312 shares of the company’s stock valued at $32,898,000 after acquiring an additional 590,299 shares during the last quarter. Finally, Sofinnova Investments Inc. bought a new stake in Edgewise Therapeutics in the second quarter worth approximately $8,567,000.

Wall Street Analyst Weigh In

EWTX has been the topic of a number of recent research reports. Piper Sandler raised their price target on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Evercore ISI initiated coverage on Edgewise Therapeutics in a research report on Friday, November 22nd. They issued an “outperform” rating and a $45.00 price target for the company. JPMorgan Chase & Co. upped their price target on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Finally, Wedbush upped their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $42.33.

Insiders Place Their Bets

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of the firm’s 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 sale, the chief financial officer now owns 6,904 shares in the company, valued at approximately $197,247.28. This trade represents a 94.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel John R. Moore sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.37, for a total value of $1,418,500.00. Following the sale, the general counsel now owns 3,252 shares in the company, valued at approximately $92,259.24. This represents a 93.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock worth $7,893,316 in the last ninety days. Insiders own 24.11% of the company’s stock.

Edgewise Therapeutics Stock Up 0.4 %

Shares of NASDAQ:EWTX opened at $32.20 on Thursday. The company has a market cap of $3.05 billion, a price-to-earnings ratio of -21.47 and a beta of 0.14. The business has a 50 day moving average price of $31.51 and a 200 day moving average price of $22.97. Edgewise Therapeutics, Inc. has a twelve month low of $5.93 and a twelve month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.01. Analysts anticipate that Edgewise Therapeutics, Inc. will post -1.46 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.