Norges Bank Buys Shares of 751,355 Edgewise Therapeutics, Inc. $EWTX

Norges Bank bought a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the 4th quarter, Holdings Channel.com reports. The fund bought 751,355 shares of the company’s stock, valued at approximately $18,645,000.

Other large investors have also recently bought and sold shares of the company. Bessemer Group Inc. increased its stake in Edgewise Therapeutics by 1,170.3% in the third quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock valued at $38,000 after purchasing an additional 2,165 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in Edgewise Therapeutics in the second quarter valued at approximately $45,000. Jones Financial Companies Lllp bought a new stake in Edgewise Therapeutics in the first quarter valued at approximately $47,000. Strs Ohio bought a new stake in Edgewise Therapeutics in the first quarter valued at approximately $84,000. Finally, BNP Paribas Financial Markets increased its stake in Edgewise Therapeutics by 48.9% in the second quarter. BNP Paribas Financial Markets now owns 8,193 shares of the company’s stock valued at $107,000 after purchasing an additional 2,689 shares in the last quarter.

Edgewise Therapeutics Stock Down 2.2%

Shares of EWTX stock opened at $34.06 on Wednesday. The firm has a fifty day moving average of $33.57 and a 200-day moving average of $29.42. Edgewise Therapeutics, Inc. has a 12-month low of $12.15 and a 12-month high of $40.76. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of -20.52 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.04. On average, equities analysts expect that Edgewise Therapeutics, Inc. will post -1.99 EPS for the current year.

Insider Activity

In other news, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the completion of the sale, the chief marketing officer owned 4,367 shares of the company’s stock, valued at $168,435.19. This represents a 91.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 83,892 shares of company stock worth $3,018,216 over the last ninety days. 21.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

EWTX has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. Wall Street Zen downgraded shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Truist Financial set a $52.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, May 6th. Evercore reaffirmed an “outperform” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. Finally, JPMorgan Chase & Co. upped their target price on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.22.

Edgewise Therapeutics Company 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.