Edgewise Therapeutics (NASDAQ:EWTX) Insider Alan Russell Sells 200,000 Shares of Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) insider Alan Russell sold 200,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the transaction, the insider directly owned 24,555 shares in the company, valued at $967,712.55. The trade was a 89.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Edgewise Therapeutics Stock Performance

NASDAQ EWTX traded up $0.41 during trading on Thursday, reaching $39.56. The company’s stock had a trading volume of 793,163 shares, compared to its average volume of 1,188,248. The business’s fifty day moving average price is $35.02 and its 200-day moving average price is $30.96. Edgewise Therapeutics, Inc. has a twelve month low of $12.30 and a twelve month high of $43.93. The firm has a market cap of $4.26 billion, a price-to-earnings ratio of -23.83 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.04. As a group, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. Seven Fleet Capital Management LP grew its position in Edgewise Therapeutics by 485.1% during the first quarter. Seven Fleet Capital Management LP now owns 11,701 shares of the company’s stock worth $369,000 after buying an additional 9,701 shares during the period. Parallel Advisors LLC boosted its stake 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 worth $33,000 after acquiring an additional 406 shares in the last quarter. Glenmede Trust Co. NA purchased a new stake in shares of Edgewise Therapeutics during the 1st quarter worth approximately $606,000. Janus Henderson Group PLC grew its holdings in shares of Edgewise Therapeutics by 29.5% in the 1st 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 during the period. Finally, Ally Bridge Group NY LLC increased its stake in Edgewise Therapeutics by 392.7% in the 1st quarter. Ally Bridge Group NY LLC now owns 161,000 shares of the company’s stock valued at $5,072,000 after purchasing an additional 216,000 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Raymond James Financial reaffirmed a “strong-buy” rating and set a $66.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Monday, April 20th. Truist Financial set a $52.00 price target on Edgewise Therapeutics in a research note on Wednesday, May 6th. The Goldman Sachs Group increased their price target on Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, June 17th. Finally, Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $47.30.

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.