Edgewise Therapeutics (NASDAQ:EWTX) General Counsel John Moore Sells 5,016 Shares of Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) General Counsel John Moore sold 5,016 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total value of $219,801.12. Following the sale, the general counsel directly owned 17,697 shares of the company’s stock, valued at $775,482.54. This represents a 22.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Trading Up 2.3%

Edgewise Therapeutics stock opened at $44.17 on Friday. Edgewise Therapeutics, Inc. has a 1 year low of $13.52 and a 1 year high of $48.40. The company has a market cap of $4.80 billion, a PE ratio of -23.88 and a beta of 0.30. The company’s 50-day moving average is $40.12 and its two-hundred day moving average is $34.62.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its 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). Research analysts forecast that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on EWTX shares. Evercore reaffirmed an “outperform” rating and set a $55.00 target price on shares of Edgewise Therapeutics in a report on Monday, July 20th. HC Wainwright reissued a “buy” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Guggenheim boosted their target price on Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. Truist Financial set a $52.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. Finally, Wedbush upped their target price on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. One research 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.08.

Key Edgewise Therapeutics News

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.

Institutional Investors Weigh In On Edgewise Therapeutics

Several large investors have recently made changes to their positions in EWTX. Orbimed Advisors LLC raised its holdings in shares of Edgewise Therapeutics by 3.3% during the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock worth $203,447,000 after acquiring an additional 496,771 shares during the period. RA Capital Management L.P. lifted its position in Edgewise Therapeutics by 5.3% in the 3rd quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock valued at $169,149,000 after acquiring an additional 525,804 shares in the last quarter. BlackRock Inc. acquired a new position in Edgewise Therapeutics in the 2nd quarter worth $268,415,000. Paradigm Biocapital Advisors LP boosted its stake in Edgewise Therapeutics by 6.0% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock worth $162,320,000 after purchasing an additional 371,079 shares during the period. Finally, Jupiter Topco LLC bought a new position in Edgewise Therapeutics during the 2nd quarter worth about $246,945,000.

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.