Kevin Koch Sells 17,971 Shares of Edgewise Therapeutics (NASDAQ:EWTX) Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CEO Kevin Koch sold 17,971 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total transaction of $784,973.28. Following the sale, the chief executive officer directly owned 52,488 shares in the company, valued at approximately $2,292,675.84. The trade was a 25.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $44.17 on Friday. Edgewise Therapeutics, Inc. has a 52-week low of $13.52 and a 52-week high of $48.40. The company has a market capitalization of $4.80 billion, a PE ratio of -23.88 and a beta of 0.30. The company has a fifty day moving average of $40.12 and a 200-day moving average of $34.62.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC grew 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 buying an additional 406 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Edgewise Therapeutics during the second quarter worth about $45,000. Jones Financial Companies Lllp acquired a new position in shares of Edgewise Therapeutics in the first quarter worth approximately $47,000. KBC Group NV acquired a new position in shares of Edgewise Therapeutics in the first quarter worth approximately $49,000. Finally, Seven Fleet Capital Management LP bought a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $50,000.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. The Goldman Sachs Group boosted their price target on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday. Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Royal Bank Of Canada lifted their target price on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. HC Wainwright reissued a “buy” rating and set a $45.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Finally, Wedbush upped their price target on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. One equities research 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.