Edgewise Therapeutics (NASDAQ:EWTX) CMO Sells $126,713.79 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CMO Joanne Donovan sold 2,919 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $43.41, for a total value of $126,713.79. Following the transaction, the chief marketing officer directly owned 8,625 shares of the company’s stock, valued at $374,411.25. The trade was a 25.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Stock Performance

Shares of EWTX stock opened at $44.17 on Monday. The firm has a market cap of $4.80 billion, a P/E ratio of -23.88 and a beta of 0.30. Edgewise Therapeutics, Inc. has a fifty-two week low of $13.52 and a fifty-two week high of $48.40. The business’s 50 day moving average price is $40.12 and its 200-day moving average price is $34.66.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). As a group, equities analysts predict that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current year.

Institutional Trading of Edgewise Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC boosted its holdings in Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after acquiring an additional 1,348,706 shares in the last quarter. UBS Group AG increased its holdings in shares of Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock valued at $52,535,000 after acquiring an additional 2,002,945 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Edgewise Therapeutics by 45.7% in the 1st quarter. California State Teachers Retirement System now owns 73,419 shares of the company’s stock worth $2,313,000 after purchasing an additional 23,027 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in Edgewise Therapeutics by 104.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 271,385 shares of the company’s stock worth $6,734,000 after purchasing an additional 138,882 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new position in Edgewise Therapeutics in the 4th quarter worth about $446,000.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $66.00 target price on shares of Edgewise Therapeutics in a research note on Monday, June 1st. The Goldman Sachs Group raised their price objective on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Truist Financial set a $52.00 target price on Edgewise Therapeutics in a report on Wednesday, May 6th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $49.08.

Key Headlines Impacting Edgewise Therapeutics

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.