Edgewise Therapeutics (NASDAQ:EWTX) CEO Kevin Koch Sells 17,971 Shares

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CEO Kevin Koch sold 17,971 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total transaction of $784,973.28. Following the transaction, the chief executive officer owned 52,488 shares of the company’s stock, valued at approximately $2,292,675.84. This represents 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 link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock opened at $44.17 on Friday. The company’s 50 day moving average price is $40.12 and its two-hundred day moving average price is $34.62. The firm 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 fifty-two week low of $13.52 and a fifty-two week high of $48.40.

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

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Edgewise Therapeutics by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company’s stock worth $963,000 after purchasing an additional 2,463 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in Edgewise Therapeutics during the 1st quarter worth approximately $47,000. Goldman Sachs Group Inc. boosted its holdings in Edgewise Therapeutics by 5.7% in the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company’s stock worth $8,066,000 after acquiring an additional 19,753 shares in the last quarter. Strs Ohio bought a new stake in shares of Edgewise Therapeutics during the first quarter valued at approximately $84,000. Finally, Creative Planning lifted its holdings in shares of Edgewise Therapeutics by 29.4% in the 2nd quarter. Creative Planning now owns 16,910 shares of the company’s stock worth $222,000 after purchasing an additional 3,837 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on EWTX shares. Truist Financial set a $52.00 price target on Edgewise Therapeutics in a report on Wednesday, May 6th. Oppenheimer initiated coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They set an “outperform” rating and a $51.00 target price on the stock. Wedbush raised their target price on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. The Goldman Sachs Group lifted their target price on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Guggenheim boosted their price target on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, July 6th. One research 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. Based on data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target 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.

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.