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

Fred Alger Management LLC bought a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the third quarter, Holdings Channel.com reports. The institutional investor bought 21,128 shares of the company’s stock, valued at approximately $564,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Novo Holdings A S acquired a new position in Edgewise Therapeutics during the second quarter valued at $114,263,000. Braidwell LP acquired a new position in shares of Edgewise Therapeutics in the 3rd quarter valued at about $52,267,000. Vanguard Group Inc. lifted its position in shares of 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 purchasing an additional 1,892,053 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Edgewise Therapeutics by 115.2% during the second quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock worth $20,631,000 after purchasing an additional 613,251 shares during the period. Finally, Sofinnova Investments Inc. purchased a new position in Edgewise Therapeutics during the second quarter valued at approximately $8,567,000.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX opened at $33.00 on Monday. Edgewise Therapeutics, Inc. has a 52-week low of $5.93 and a 52-week high of $38.12. The business has a fifty day moving average of $31.92 and a two-hundred day moving average of $23.25. The stock has a market cap of $3.12 billion, a PE ratio of -22.00 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. Analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

EWTX has been the subject of a number of research analyst reports. Evercore ISI started coverage on shares of Edgewise Therapeutics in a research report on Friday, November 22nd. They issued an “outperform” rating and a $45.00 target price for the company. Piper Sandler lifted their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. JPMorgan Chase & Co. raised 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. Truist Financial boosted their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Wedbush raised their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company 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, the company currently has an average rating of “Buy” and an average price target of $42.33.

Insider Transactions at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 75,000 shares of Edgewise Therapeutics stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the completion of the transaction, the insider now directly owns 12,719 shares of the company’s stock, valued at $359,566.13. The trade was a 85.50 % decrease in their ownership of the stock. The transaction 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 the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $27.63, for a total transaction of $578,074.86. Following the sale, the general counsel now directly owns 3,252 shares in the company, valued at approximately $89,852.76. This represents a 86.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock valued at $7,893,316 in the last three months. 24.11% of the stock is owned by corporate insiders.

About Edgewise Therapeutics

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.