475,691 Shares in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Acquired by Sofinnova Investments Inc.

Sofinnova Investments Inc. purchased a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 475,691 shares of the company’s stock, valued at approximately $8,567,000. Sofinnova Investments Inc. owned 0.51% of Edgewise Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Quest Partners LLC lifted its position in shares of Edgewise Therapeutics by 156.9% during 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. bought a new position in shares of Edgewise Therapeutics during the 2nd quarter worth about $35,000. Ameritas Investment Partners Inc. grew its stake in shares of Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after buying an additional 1,561 shares during the period. Arizona State Retirement System bought a new stake in Edgewise Therapeutics in the 2nd quarter valued at about $188,000. Finally, Entropy Technologies LP acquired a new position in Edgewise Therapeutics during the 1st quarter worth approximately $231,000.

Edgewise Therapeutics Trading Down 10.5 %

Shares of NASDAQ:EWTX opened at $16.86 on Tuesday. The stock has a market cap of $1.57 billion, a PE ratio of -10.88 and a beta of 0.15. The stock’s fifty day simple moving average is $18.87 and its two-hundred day simple moving average is $17.94. Edgewise Therapeutics, Inc. has a 1-year low of $5.12 and a 1-year high of $23.50.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.02. On average, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.48 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Piper Sandler restated an “overweight” rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a report on Monday, July 1st. Wedbush restated an “outperform” rating and set a $31.00 price target on shares of Edgewise Therapeutics in a research note on Friday, August 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $33.40.

About Edgewise Therapeutics

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.