AlphaQuest LLC Sells 6,832 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

AlphaQuest LLC decreased its holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 75.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,203 shares of the company’s stock after selling 6,832 shares during the period. AlphaQuest LLC’s holdings in Edgewise Therapeutics were worth $59,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. raised its holdings in shares of Edgewise Therapeutics by 69.9% in the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after buying an additional 1,361 shares during the period. Quest Partners LLC lifted its holdings in shares of Edgewise Therapeutics by 418.7% during the 3rd quarter. Quest Partners LLC now owns 9,035 shares of the company’s stock valued at $241,000 after purchasing an additional 7,293 shares during the last quarter. AlphaCentric Advisors LLC purchased a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at $275,000. Orion Portfolio Solutions LLC purchased a new position in Edgewise Therapeutics in the 3rd quarter worth $347,000. Finally, Glenmede Trust Co. NA purchased a new position in Edgewise Therapeutics in the 3rd quarter worth $483,000.

Edgewise Therapeutics Trading Down 3.1 %

Shares of EWTX stock opened at $23.82 on Friday. The firm has a fifty day moving average price of $26.66 and a 200 day moving average price of $28.22. The company has a market cap of $2.27 billion, a P/E ratio of -15.88 and a beta of 0.22. Edgewise Therapeutics, Inc. has a 12 month low of $14.90 and a 12 month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, equities analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 1,200 shares of Edgewise Therapeutics stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $30.13, for a total transaction of $36,156.00. Following the completion of the sale, the insider now directly owns 14,863 shares in the company, valued at approximately $447,822.19. This trade represents a 7.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the sale, the insider now owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. The trade was a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 164,545 shares of company stock worth $4,605,305. Company insiders own 24.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on EWTX shares. Royal Bank of Canada reiterated an “outperform” rating and set a $56.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Scotiabank assumed coverage on Edgewise Therapeutics in a research report on Friday, March 7th. They set a “sector outperform” rating and a $50.00 target price on the stock. Truist Financial raised their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective on the stock. Finally, Evercore ISI lifted their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Edgewise Therapeutics has an average rating of “Moderate Buy” and an average target price of $45.38.

Edgewise Therapeutics Profile

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.