Edgewise Therapeutics (NASDAQ:EWTX) CFO Sells $201,800.06 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CFO Michael Nofi sold 4,442 shares of the company’s stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $45.43, for a total value of $201,800.06. Following the sale, the chief financial officer owned 6,495 shares in the company, valued at approximately $295,067.85. The trade was a 40.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $45.82 on Friday. The stock has a market capitalization of $5.02 billion, a P/E ratio of 5.59 and a beta of 0.39. The business has a 50 day simple moving average of $41.25 and a 200 day simple moving average of $36.90. Edgewise Therapeutics, Inc. has a one year low of $19.76 and a one year high of $48.78.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $9.65 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $10.18. Equities analysts expect that Edgewise Therapeutics, Inc. will post 9.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. HC Wainwright reiterated a “buy” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Thursday, October 15th. JPMorgan Chase & Co. raised their price target on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. William Blair started coverage on shares of Edgewise Therapeutics in a research note on Friday, October 16th. They issued an “outperform” rating for the company. Finally, Wall Street Zen upgraded shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $52.83.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EWTX. First Trust Advisors LP lifted its position in shares of Edgewise Therapeutics by 5.6% during the 3rd quarter. First Trust Advisors LP now owns 10,435 shares of the company’s stock worth $424,000 after buying an additional 558 shares in the last quarter. Allianz SE purchased a new position in shares of Edgewise Therapeutics in the 3rd quarter worth approximately $648,000. Russell Investments Group Ltd. grew its holdings in shares of Edgewise Therapeutics by 214.5% in the third quarter. Russell Investments Group Ltd. now owns 244,484 shares of the company’s stock valued at $9,764,000 after acquiring an additional 166,751 shares in the last quarter. Lisanti Capital Growth LLC bought a new position in shares of Edgewise Therapeutics in the third quarter valued at approximately $3,567,000. Finally, Pictet Asset Management Holding SA grew its holdings in shares of Edgewise Therapeutics by 10,434.8% in the third quarter. Pictet Asset Management Holding SA now owns 661,586 shares of the company’s stock valued at $26,860,000 after acquiring an additional 655,306 shares in the last quarter.

About Edgewise Therapeutics

Edgewise Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for serious muscle disorders. Founded in 2017 and based in Boulder, Colorado, the company researches small-molecule treatments designed to address the underlying biology of muscle and cardiac conditions. Its programs include sevasemten, an investigational therapy for Duchenne and Becker muscular dystrophies, and EDG-7500, an investigational treatment being developed for hypertrophic cardiomyopathy.