Intech Investment Management LLC Invests $531,000 in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Intech Investment Management LLC acquired a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 19,900 shares of the company’s stock, valued at approximately $531,000.

Several other hedge funds have also made changes to their positions in EWTX. Quest Partners LLC boosted its stake in shares of Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after buying an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Edgewise Therapeutics in the second quarter worth $35,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after acquiring an additional 604 shares during the period. Chicago Partners Investment Group LLC bought a new stake in Edgewise Therapeutics in the third quarter worth about $161,000. Finally, Arizona State Retirement System acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter worth $188,000.

Insider Activity at Edgewise Therapeutics

In related news, General Counsel John R. Moore sold 50,000 shares of the firm’s stock in a transaction on 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 directly owns 3,252 shares of the company’s stock, valued at approximately $92,259.24. This trade represents a 93.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO R Michael Carruthers sold 125,092 shares of Edgewise Therapeutics stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the transaction, the chief financial officer now owns 6,904 shares in the company, valued at approximately $197,247.28. This trade represents a 94.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 278,176 shares of company stock worth $7,893,316 in the last three months. 24.11% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EWTX. Evercore ISI initiated coverage on Edgewise Therapeutics in a report on Friday, November 22nd. They set an “outperform” rating and a $45.00 price objective for the company. Piper Sandler boosted their price target on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Truist Financial boosted their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Finally, Wedbush raised their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $42.33.

Edgewise Therapeutics Stock Up 2.5 %

Edgewise Therapeutics stock opened at $33.00 on Monday. The company has a market capitalization of $3.12 billion, a PE ratio of -22.00 and a beta of 0.14. The firm’s fifty day moving average is $31.92 and its 200 day moving average is $23.25. Edgewise Therapeutics, Inc. has a 12-month low of $5.93 and a 12-month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. Sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

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.