ProShare Advisors LLC Reduces Stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

ProShare Advisors LLC lowered its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 20.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,490 shares of the company’s stock after selling 3,395 shares during the period. ProShare Advisors LLC’s holdings in Edgewise Therapeutics were worth $243,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of EWTX. Quest Partners LLC raised its stake 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 period. Meeder Asset Management Inc. purchased a new position in shares of Edgewise Therapeutics in the second quarter valued at $35,000. Ameritas Investment Partners Inc. raised its stake in shares of Edgewise Therapeutics by 37.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after purchasing an additional 1,561 shares during the period. Arizona State Retirement System purchased a new stake in Edgewise Therapeutics during the 2nd quarter worth about $188,000. Finally, Profund Advisors LLC bought a new position in Edgewise Therapeutics in the 2nd quarter worth about $205,000.

Edgewise Therapeutics Price Performance

EWTX stock opened at $28.40 on Friday. The firm has a 50 day simple moving average of $19.90 and a two-hundred day simple moving average of $18.70. The stock has a market cap of $2.65 billion, a PE ratio of -18.32 and a beta of 0.20. Edgewise Therapeutics, Inc. has a one year low of $5.12 and a one year high of $30.00.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.02. On average, research analysts expect that Edgewise Therapeutics, Inc. will post -1.47 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 75,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the transaction, the insider now directly owns 12,719 shares of the company’s stock, valued at approximately $359,566.13. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was 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 directly owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alan J. Russell sold 75,000 shares of Edgewise Therapeutics stock in a transaction dated Friday, September 20th. The stock was 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 in the company, valued at approximately $359,566.13. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 278,176 shares of company stock worth $7,893,316. 24.11% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

EWTX has been the topic of several analyst reports. Piper Sandler reiterated an “overweight” rating and set a $48.00 price target on shares of Edgewise Therapeutics in a research report on Monday, July 1st. Wedbush reaffirmed an “outperform” rating and set a $31.00 target price on shares of Edgewise Therapeutics in a report on Friday, August 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Truist Financial upped their price target on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, JPMorgan Chase & Co. lifted their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Edgewise Therapeutics has an average rating of “Buy” and a consensus target price of $35.00.

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.