BlackRock Inc. Buys New Stake in Edgewise Therapeutics, Inc. $EWTX

BlackRock Inc. purchased a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,606,336 shares of the company’s stock, valued at approximately $268,415,000. BlackRock Inc. owned about 0.06% of Edgewise Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EWTX. Deutsche Bank AG purchased a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at about $9,954,000. Persistent Asset Partners Ltd purchased a new stake in shares of Edgewise Therapeutics in the second quarter worth about $2,821,000. Bank of New York Mellon Corp purchased a new stake in shares of Edgewise Therapeutics in the second quarter worth about $8,628,000. State of Wyoming acquired a new stake in Edgewise Therapeutics during the second quarter worth about $525,000. Finally, GSA Capital Partners LLP acquired a new stake in Edgewise Therapeutics during the second quarter worth about $1,807,000.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Leerink Partners set a $52.00 price target on Edgewise Therapeutics in a report on Tuesday, June 16th. Royal Bank Of Canada raised their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Oppenheimer began coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They set an “outperform” rating and a $51.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Friday, July 17th. Finally, Wedbush lifted their price target on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $50.33.

Insiders Place Their Bets

In other news, CEO Kevin Koch sold 17,971 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total transaction of $784,973.28. Following the completion of the transaction, the chief executive officer directly owned 52,488 shares in the company, valued at approximately $2,292,675.84. This represents a 25.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 2,919 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $43.41, for a total value of $126,713.79. Following the sale, the chief marketing officer directly owned 8,625 shares of the company’s stock, valued at $374,411.25. The trade was a 25.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 238,329 shares of company stock worth $9,557,529 over the last ninety days. Company insiders own 21.30% of the company’s stock.

Edgewise Therapeutics Price Performance

Edgewise Therapeutics stock opened at $44.38 on Thursday. The firm has a 50 day simple moving average of $41.73 and a 200-day simple moving average of $35.55. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of -23.99 and a beta of 0.30. Edgewise Therapeutics, Inc. has a 1-year low of $13.69 and a 1-year high of $48.40.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). Equities analysts expect that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

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.