Charles Schwab Investment Management Inc. Cuts Stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Charles Schwab Investment Management Inc. lowered its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 8.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 522,086 shares of the company’s stock after selling 49,111 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.56% of Edgewise Therapeutics worth $13,934,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of EWTX. Quest Partners LLC increased its stake in Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after purchasing an additional 1,064 shares during the period. Meeder Asset Management Inc. bought a new position in shares of Edgewise Therapeutics in the second quarter worth approximately $35,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Edgewise Therapeutics by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after buying an additional 604 shares during the last quarter. Chicago Partners Investment Group LLC purchased a new stake in Edgewise Therapeutics during the 3rd quarter valued at $161,000. Finally, Arizona State Retirement System bought a new stake in Edgewise Therapeutics in the 2nd quarter worth $188,000.

Insider Buying and Selling

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 50,000 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.37, for a total value of $1,418,500.00. Following the transaction, the general counsel now owns 3,252 shares of the company’s stock, valued at approximately $92,259.24. This represents a 93.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the sale, the insider now directly owns 12,719 shares of the company’s stock, valued at approximately $359,566.13. This represents a 85.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 278,176 shares of company stock worth $7,893,316. 24.11% of the stock is owned by insiders.

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock opened at $32.59 on Monday. Edgewise Therapeutics, Inc. has a 1 year low of $6.44 and a 1 year high of $38.12. The firm’s 50-day moving average is $32.51 and its 200 day moving average is $23.73. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of -21.73 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.01. On average, equities analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EWTX. Piper Sandler lifted their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Wedbush boosted their price target 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. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. JPMorgan Chase & Co. increased their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Finally, Truist Financial boosted their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $42.33.

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.