Acuta Capital Partners LLC Invests $1.68 Million in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Acuta Capital Partners LLC acquired a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 63,000 shares of the company’s stock, valued at approximately $1,681,000. Edgewise Therapeutics comprises approximately 1.4% of Acuta Capital Partners LLC’s investment portfolio, making the stock its 22nd biggest holding. Acuta Capital Partners LLC owned about 0.07% of Edgewise Therapeutics at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quest Partners LLC raised its holdings in Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after acquiring an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Edgewise Therapeutics in the second quarter valued at approximately $35,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Edgewise Therapeutics by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after purchasing an additional 604 shares during the last quarter. Chicago Partners Investment Group LLC purchased a new position in Edgewise Therapeutics during the third quarter worth approximately $161,000. Finally, Arizona State Retirement System acquired a new position in Edgewise Therapeutics during the second quarter worth $188,000.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EWTX. JPMorgan Chase & Co. upped their price objective on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Evercore ISI assumed coverage on shares of Edgewise Therapeutics in a research note on Friday, November 22nd. They issued an “outperform” rating and a $45.00 price target for the company. Wedbush lifted their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Finally, Truist Financial raised their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $42.33.

Edgewise Therapeutics Stock Up 0.4 %

Shares of NASDAQ EWTX opened at $32.20 on Thursday. The business’s 50 day moving average is $31.51 and its two-hundred day moving average is $22.97. Edgewise Therapeutics, Inc. has a 52-week low of $5.93 and a 52-week high of $38.12. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -21.47 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.01. Analysts anticipate that Edgewise Therapeutics, Inc. will post -1.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, insider Alan J. Russell sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.27, for a total value of $2,120,250.00. Following the completion of the transaction, the insider now owns 12,719 shares of the company’s stock, valued at $359,566.13. This trade represents a 85.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel John R. Moore sold 20,922 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $27.63, for a total value of $578,074.86. Following the transaction, the general counsel now directly owns 3,252 shares of the company’s stock, valued at $89,852.76. The trade was a 86.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock worth $7,893,316 over the last three months. Company insiders own 24.11% of the company’s stock.

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.