Baker BROS. Advisors LP Sells 730,000 Shares of Edgewise Therapeutics, Inc. $EWTX

Baker BROS. Advisors LP lowered its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 10.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,575,940 shares of the company’s stock after selling 730,000 shares during the period. Edgewise Therapeutics comprises about 1.0% of Baker BROS. Advisors LP’s holdings, making the stock its 15th largest holding. Baker BROS. Advisors LP owned approximately 6.21% of Edgewise Therapeutics worth $163,182,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Guggenheim Capital LLC bought a new stake in Edgewise Therapeutics during the fourth quarter worth about $262,000. ADAR1 Capital Management LLC lifted its stake in shares of Edgewise Therapeutics by 127.5% in the 4th quarter. ADAR1 Capital Management LLC now owns 90,999 shares of the company’s stock valued at $2,258,000 after acquiring an additional 50,999 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in shares of Edgewise Therapeutics by 14.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 59,326 shares of the company’s stock valued at $1,472,000 after acquiring an additional 7,337 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $341,000. Finally, Jain Global LLC bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $2,825,000.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last three months, insiders sold 83,892 shares of company stock worth $3,018,216. Corporate insiders own 21.30% of the company’s stock.

Edgewise Therapeutics Price Performance

EWTX opened at $34.82 on Thursday. The business has a 50 day simple moving average of $33.79 and a two-hundred day simple moving average of $29.86. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of -20.98 and a beta of 0.27. Edgewise Therapeutics, Inc. has a one year low of $12.15 and a one year high of $40.76.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.04. As a group, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Leerink Partners set a $52.00 target price on Edgewise Therapeutics in a research note on Tuesday. Stifel Nicolaus set a $25.00 target price on Edgewise Therapeutics in a research note on Thursday, February 26th. Evercore reissued an “outperform” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. HC Wainwright reissued a “buy” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $47.30.

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.