Edgewise Therapeutics (NASDAQ:EWTX) CEO Sells $784,973.28 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CEO Kevin Koch sold 17,971 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total transaction of $784,973.28. Following the transaction, the chief executive officer directly owned 52,488 shares in the company, valued at $2,292,675.84. The trade was a 25.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Stock Performance

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

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

Analysts Set New Price Targets

A number of brokerages recently commented on EWTX. Truist Financial set a $52.00 price target on Edgewise Therapeutics in a report on Wednesday, May 6th. HC Wainwright restated a “buy” rating and issued a $45.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Leerink Partners set a $52.00 target price on Edgewise Therapeutics in a research report on Tuesday, June 16th. Oppenheimer assumed coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price target on the stock. Finally, The Goldman Sachs Group increased their price target on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $49.08.

Institutional Trading of Edgewise Therapeutics

A number of large investors have recently bought and sold shares of EWTX. Odyssean LLC bought a new stake in shares of Edgewise Therapeutics in the second quarter valued at $726,000. Jupiter Topco LLC purchased a new stake in Edgewise Therapeutics in the 2nd quarter worth about $246,945,000. J. Goldman & Co LP purchased a new stake in Edgewise Therapeutics in the 2nd quarter worth about $414,000. ADAR1 Capital Management LLC bought a new stake in Edgewise Therapeutics in the 2nd quarter valued at about $5,818,000. Finally, Hsbc Holdings PLC bought a new stake in Edgewise Therapeutics in the 2nd quarter valued at about $3,723,000.

Trending Headlines about 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.

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.