Edgewise Therapeutics (NASDAQ:EWTX) CMO Sells $285,989.70 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CMO Joanne Donovan sold 6,522 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total transaction of $285,989.70. Following the completion of the sale, the chief marketing officer directly owned 11,544 shares in the company, valued at approximately $506,204.40. The trade was a 36.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 NASDAQ:EWTX opened at $44.17 on Monday. 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 P/E ratio of -23.88 and a beta of 0.30. The company has a 50-day simple moving average of $40.12 and a 200 day simple moving average of $34.66.

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

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC lifted its holdings in Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after purchasing an additional 406 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Edgewise Therapeutics in the 2nd quarter valued at $45,000. Jones Financial Companies Lllp acquired a new position in Edgewise Therapeutics in the 1st quarter valued at $47,000. KBC Group NV bought a new position in Edgewise Therapeutics during the 1st quarter worth $49,000. Finally, Seven Fleet Capital Management LP bought a new position in Edgewise Therapeutics during the 4th quarter worth $50,000.

Edgewise Therapeutics News Summary

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.

Analysts Set New Price Targets

EWTX has been the topic of a number of research analyst reports. Leerink Partners set a $52.00 price target on Edgewise Therapeutics in a research note on Tuesday, June 16th. Wedbush lifted their price objective on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Evercore reaffirmed an “outperform” rating and set a $55.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, July 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Finally, Oppenheimer started coverage on shares of Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price objective on the stock. One investment 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 given a Sell rating to the company. According to data from MarketBeat, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $49.08.

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.