Edgewise Therapeutics (NASDAQ:EWTX) Insider Sells $258,050.73 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) insider Alan Russell sold 5,901 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total transaction of $258,050.73. Following the sale, the insider directly owned 31,466 shares in the company, valued at approximately $1,376,008.18. This represents a 15.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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

EWTX opened at $44.17 on Monday. Edgewise Therapeutics, Inc. has a 1-year low of $13.52 and a 1-year high of $48.40. The stock has a market capitalization of $4.80 billion, a PE ratio of -23.88 and a beta of 0.30. The firm has a 50-day moving average price of $40.12 and a two-hundred day moving average price of $34.66.

Edgewise Therapeutics (NASDAQ:EWTX) last announced 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). On average, research analysts predict that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on EWTX shares. Evercore reissued an “outperform” rating and issued a $55.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. The Goldman Sachs Group raised their price target on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Oppenheimer began coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price objective for the company. Finally, Royal Bank Of Canada boosted their price objective on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, June 17th. One 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. According to MarketBeat, Edgewise Therapeutics has a consensus 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.

Institutional Trading of Edgewise Therapeutics

A number of institutional investors have recently bought and sold shares of EWTX. Parallel Advisors LLC raised its position in shares of Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after acquiring an additional 406 shares during the last quarter. KBC Group NV bought a new position in shares of Edgewise Therapeutics in the 1st quarter worth $49,000. Seven Fleet Capital Management LP acquired a new stake in shares of Edgewise Therapeutics during the fourth quarter worth $50,000. Jones Financial Companies Lllp acquired a new stake in shares of Edgewise Therapeutics during the first quarter worth $47,000. Finally, Steward Partners Investment Advisory LLC grew its stake in shares of Edgewise Therapeutics by 23.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock worth $71,000 after purchasing an additional 550 shares during the period.

About Edgewise Therapeutics

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.