Edgewise Therapeutics, Inc. $EWTX Position Lessened by Granahan Investment Management LLC

Granahan Investment Management LLC decreased its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 31.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 232,295 shares of the company’s stock after selling 107,322 shares during the period. Granahan Investment Management LLC’s holdings in Edgewise Therapeutics were worth $5,764,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. State of Wisconsin Investment Board lifted its holdings in shares of Edgewise Therapeutics by 9.2% in the 4th quarter. State of Wisconsin Investment Board now owns 39,997 shares of the company’s stock worth $993,000 after purchasing an additional 3,378 shares during the last quarter. Persistent Asset Partners Ltd bought a new stake in shares of Edgewise Therapeutics in the 4th quarter worth approximately $526,000. Verition Fund Management LLC bought a new stake in shares of Edgewise Therapeutics in the 4th quarter worth approximately $834,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Edgewise Therapeutics in the 4th quarter worth approximately $15,892,000. Finally, Barclays PLC lifted its holdings in shares of Edgewise Therapeutics by 58.8% in the 4th quarter. Barclays PLC now owns 372,738 shares of the company’s stock worth $9,249,000 after purchasing an additional 138,088 shares during the last quarter.

Insider Activity

In other news, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the transaction, the chief marketing officer directly owned 4,367 shares in the company, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders sold 83,892 shares of company stock worth $3,018,216. 21.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Monday, April 20th. JPMorgan Chase & Co. raised their price target on Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a report on Tuesday, March 17th. Stifel Nicolaus set a $25.00 target price on Edgewise Therapeutics in a research note on Thursday, February 26th. Wall Street Zen downgraded Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Leerink Partners set a $52.00 target price on Edgewise Therapeutics in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.00.

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock opened at $33.95 on Wednesday. The business’s fifty day moving average price is $33.75 and its two-hundred day moving average price is $29.79. The company has a market capitalization of $3.65 billion, a P/E ratio of -20.45 and a beta of 0.27. Edgewise Therapeutics, Inc. has a 1-year low of $12.15 and a 1-year high of $40.76.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.04. On average, research analysts expect that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current fiscal year.

About Edgewise Therapeutics

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.