Edgewise Therapeutics (NASDAQ:EWTX) Insider Alan Russell Sells 5,901 Shares

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) insider Alan Russell sold 5,901 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total value of $258,050.73. Following the completion of the sale, the insider directly owned 31,466 shares in the company, valued at $1,376,008.18. This represents a 15.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Stock Up 2.3%

Shares of Edgewise Therapeutics stock opened at $44.17 on Friday. The business has a fifty day simple moving average of $40.12 and a 200-day simple moving average of $34.62. Edgewise Therapeutics, Inc. has a fifty-two week low of $13.52 and a fifty-two week high of $48.40. The firm has a market cap of $4.80 billion, a price-to-earnings ratio of -23.88 and a beta of 0.30.

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

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC boosted its position in shares of Edgewise Therapeutics by 64.9% in the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after purchasing an additional 406 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Edgewise Therapeutics during the 2nd quarter worth about $45,000. Jones Financial Companies Lllp acquired a new stake in Edgewise Therapeutics during the 1st quarter worth about $47,000. KBC Group NV purchased a new stake in Edgewise Therapeutics during the first quarter valued at about $49,000. Finally, Seven Fleet Capital Management LP purchased a new stake in Edgewise Therapeutics during the fourth quarter valued at about $50,000.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on EWTX shares. Wedbush lifted their price objective on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. HC Wainwright restated a “buy” rating and set a $45.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Truist Financial set a $52.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. Finally, Guggenheim lifted their price target on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $49.08.

More Edgewise Therapeutics News

Here are the key news stories impacting Edgewise Therapeutics this week:

• Neutral Sentiment: The sales were made to cover tax-withholding obligations associated with the vesting of equity awards, rather than representing stated concerns about the company’s outlook. Insiders continued to hold shares after the transactions, which reduces the negative significance of the filings. CEO SEC filing General counsel SEC filing Insider SEC filing CMO SEC filing
• Negative Sentiment: The number of transactions and the reductions in individual holdings—ranging from roughly 16% to 36%—could create modest sentiment pressure because multiple executives sold shares while EWTX was trading at elevated levels. However, the tax-related purpose makes these filings a limited signal of insider sentiment.

Edgewise Therapeutics Company 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.