John Moore Sells 5,016 Shares of Edgewise Therapeutics (NASDAQ:EWTX) Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) General Counsel John Moore sold 5,016 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.82, for a total value of $219,801.12. Following the completion of the transaction, the general counsel directly owned 17,697 shares in the company, valued at $775,482.54. This represents a 22.08% decrease in their ownership of the stock. The transaction was disclosed in a 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

Shares of NASDAQ:EWTX opened at $44.17 on Friday. The stock has a 50-day simple moving average of $40.12 and a 200-day simple moving average of $34.62. The stock has a market capitalization of $4.80 billion, a P/E ratio of -23.88 and a beta of 0.30. Edgewise Therapeutics, Inc. has a 1 year low of $13.52 and a 1 year high of $48.40.

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

Wall Street Analysts Forecast Growth

EWTX has been the topic of several research reports. Guggenheim raised their price objective on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Oppenheimer started coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Royal Bank Of Canada raised their target price on Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a report on Wednesday, June 17th. Finally, Evercore reissued an “outperform” rating and set a $55.00 price target on shares of Edgewise Therapeutics in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.08.

Edgewise Therapeutics News Roundup

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.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Orbimed Advisors LLC raised its position in shares of Edgewise Therapeutics by 3.3% in the 2nd quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock valued at $203,447,000 after purchasing an additional 496,771 shares in the last quarter. RA Capital Management L.P. grew its position in shares of Edgewise Therapeutics by 5.3% during the third quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock worth $169,149,000 after buying an additional 525,804 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Edgewise Therapeutics during the second quarter worth approximately $268,415,000. Paradigm Biocapital Advisors LP increased its stake in shares of Edgewise Therapeutics by 6.0% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock worth $162,320,000 after buying an additional 371,079 shares during the last quarter. Finally, Jupiter Topco LLC bought a new stake in shares of Edgewise Therapeutics in the second quarter worth $246,945,000.

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.