Edgewise Therapeutics (NASDAQ:EWTX) Insider Sells $7,882,000.00 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) insider Alan Russell sold 200,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total value of $7,882,000.00. Following the completion of the transaction, the insider directly owned 24,555 shares in the company, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Edgewise Therapeutics Stock Performance

NASDAQ EWTX opened at $39.56 on Friday. The stock has a 50-day simple moving average of $35.31 and a 200 day simple moving average of $31.13. The company has a market capitalization of $4.26 billion, a PE ratio of -23.83 and a beta of 0.27. Edgewise Therapeutics, Inc. has a 12 month low of $12.30 and a 12 month high of $43.93.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.04. As a group, sell-side analysts predict that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of EWTX. Optimize Financial Inc increased its stake in Edgewise Therapeutics by 1.5% during the 4th quarter. Optimize Financial Inc now owns 27,679 shares of the company’s stock worth $687,000 after purchasing an additional 396 shares in the last quarter. Parallel Advisors LLC lifted its stake in Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after buying an additional 406 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Edgewise Therapeutics by 23.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock valued at $71,000 after buying an additional 550 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Edgewise Therapeutics by 2.4% in the second quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock valued at $483,000 after buying an additional 850 shares during the period. Finally, AlphaCentric Advisors LLC increased its position in shares of Edgewise Therapeutics by 6.2% during the first quarter. AlphaCentric Advisors LLC now owns 15,615 shares of the company’s stock worth $492,000 after acquiring an additional 912 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Truist Financial set a $52.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. Royal Bank Of Canada increased their target price on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, June 17th. Wedbush lifted their price target on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. boosted their price target on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a report on Tuesday, March 17th. Finally, Leerink Partners set a $52.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.30.

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.