Legal & General Group Plc Takes Position in Edgewise Therapeutics, Inc. $EWTX

Legal & General Group Plc bought a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the second quarter, HoldingsChannel.com reports. The fund bought 44,688 shares of the company’s stock, valued at approximately $1,816,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its holdings in Edgewise Therapeutics by 29.5% during the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock valued at $186,289,000 after purchasing an additional 1,348,706 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter worth approximately $2,821,000. California State Teachers Retirement System lifted its position in shares of Edgewise Therapeutics by 45.7% during the 1st quarter. California State Teachers Retirement System now owns 73,419 shares of the company’s stock worth $2,313,000 after buying an additional 23,027 shares during the period. GSA Capital Partners LLP bought a new position in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $1,807,000. Finally, State of New Jersey Common Pension Fund D acquired a new stake in Edgewise Therapeutics in the 4th quarter valued at $446,000.

Wall Street Analysts Forecast Growth

EWTX has been the subject of several recent analyst reports. Wedbush increased their price objective on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Royal Bank Of Canada increased their target price on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. JPMorgan Chase & Co. lifted their price target on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. Oppenheimer began coverage on shares of Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price target on the stock. Finally, The Goldman Sachs Group upped their price objective on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.33.

Insider Activity at Edgewise Therapeutics

In other news, insider Alan Russell sold 200,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the sale, the insider directly owned 24,555 shares of the company’s stock, valued at $967,712.55. This represents a 89.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Joanne Donovan sold 6,522 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total transaction of $285,989.70. Following the completion of the sale, the chief marketing officer directly owned 11,544 shares of the company’s stock, valued at approximately $506,204.40. This represents a 36.10% decrease in their position. 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 a total of 238,329 shares of company stock valued at $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 $43.07 on Monday. The stock has a 50-day simple moving average of $42.20 and a 200 day simple moving average of $36.16. The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of -23.28 and a beta of 0.32. Edgewise Therapeutics, Inc. has a 12-month low of $13.69 and a 12-month high of $48.40.

Edgewise Therapeutics (NASDAQ:EWTX) last issued 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). As a group, sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current 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.