First Light Asset Management LLC Lowers Stock Holdings in Edgewise Therapeutics, Inc. $EWTX

First Light Asset Management LLC cut its holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 17.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,414,994 shares of the company’s stock after selling 299,025 shares during the quarter. Edgewise Therapeutics accounts for 2.2% of First Light Asset Management LLC’s investment portfolio, making the stock its 18th largest position. First Light Asset Management LLC owned about 1.34% of Edgewise Therapeutics worth $22,951,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Braidwell LP grew its stake in Edgewise Therapeutics by 111.9% in the 2nd quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock valued at $68,314,000 after acquiring an additional 2,752,023 shares during the period. Bellevue Group AG raised its position in Edgewise Therapeutics by 94.3% during the second quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock worth $36,393,000 after acquiring an additional 1,347,068 shares during the period. Sofinnova Investments Inc. lifted its holdings in Edgewise Therapeutics by 3,185.7% during the second quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock valued at $9,398,000 after purchasing an additional 695,055 shares in the last quarter. MPM Bioimpact LLC lifted its holdings in Edgewise Therapeutics by 55.7% during the second quarter. MPM Bioimpact LLC now owns 1,720,741 shares of the company’s stock valued at $22,559,000 after purchasing an additional 615,297 shares in the last quarter. Finally, Sio Capital Management LLC acquired a new stake in shares of Edgewise Therapeutics in the second quarter valued at about $7,076,000.

Edgewise Therapeutics Trading Down 1.2%

EWTX opened at $29.59 on Monday. Edgewise Therapeutics, Inc. has a twelve month low of $10.60 and a twelve month high of $31.82. The firm has a market capitalization of $3.17 billion, a PE ratio of -18.15 and a beta of 0.26. The firm’s 50-day moving average price is $28.54 and its 200 day moving average price is $22.33.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.04). As a group, analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on EWTX shares. Raymond James Financial set a $46.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, March 10th. Wall Street Zen lowered Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, January 21st. Stifel Nicolaus set a $25.00 target price on Edgewise Therapeutics in a research report on Thursday, February 26th. Finally, Evercore reaffirmed an “outperform” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.36.

Insider Activity

In other news, Director Badreddin Edris sold 115,471 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $29.44, for a total value of $3,399,466.24. Following the completion of the sale, the director directly owned 19,820 shares in the company, valued at $583,500.80. This represents a 85.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 23.20% of the stock is owned by company insiders.

Edgewise Therapeutics Profile

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.