Hsbc Holdings PLC Invests $3.72 Million in Edgewise Therapeutics, Inc. $EWTX

Hsbc Holdings PLC acquired a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 91,638 shares of the company’s stock, valued at approximately $3,723,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Janus Henderson Group PLC grew its stake in shares of Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after purchasing an additional 1,348,706 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in shares of Edgewise Therapeutics during the second quarter valued at about $2,821,000. UBS Group AG raised its stake in shares of Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock valued at $52,535,000 after purchasing an additional 2,002,945 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Edgewise Therapeutics by 45.7% in the first quarter. California State Teachers Retirement System now owns 73,419 shares of the company’s stock worth $2,313,000 after purchasing an additional 23,027 shares during the period. Finally, GSA Capital Partners LLP bought a new position in Edgewise Therapeutics in the 2nd quarter valued at about $1,807,000.

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $42.76 on Friday. Edgewise Therapeutics, Inc. has a 12 month low of $13.69 and a 12 month high of $48.40. The company has a market capitalization of $4.64 billion, a P/E ratio of -23.11 and a beta of 0.30. The company’s 50 day simple moving average is $42.00 and its 200 day simple moving average is $35.71.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.06). On average, analysts anticipate that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Kevin Koch sold 17,971 shares of Edgewise Therapeutics stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the transaction, the chief executive officer directly owned 52,488 shares in the company, valued at $2,292,675.84. The trade was a 25.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John R. Moore sold 5,016 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total value of $219,801.12. Following the sale, the general counsel directly owned 17,697 shares in the company, valued at $775,482.54. This trade represents a 22.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 238,329 shares of company stock valued at $9,557,529. 21.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on EWTX shares. JPMorgan Chase & Co. raised their target price on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, August 20th. HC Wainwright reiterated a “buy” rating and issued a $45.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Truist Financial set a $52.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, May 6th. Wedbush boosted their target price on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Finally, Leerink Partners set a $52.00 target price on Edgewise Therapeutics in a research report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.33.

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.