Alan Russell Sells 5,901 Shares of Edgewise Therapeutics (NASDAQ:EWTX) Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) insider Alan Russell sold 5,901 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total value of $258,050.73. Following the transaction, the insider directly owned 31,466 shares in the company, valued at approximately $1,376,008.18. The trade was a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Trading Up 2.3%

Shares of NASDAQ EWTX opened at $44.17 on Friday. Edgewise Therapeutics, Inc. has a twelve month low of $13.52 and a twelve month high of $48.40. The company has a market capitalization of $4.80 billion, a price-to-earnings ratio of -23.88 and a beta of 0.30. The firm has a 50-day moving average of $40.12 and a two-hundred day moving average of $34.62.

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

Key Headlines Impacting 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.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Evercore restated an “outperform” rating and set a $55.00 target price on shares of Edgewise Therapeutics in a report on Monday, July 20th. HC Wainwright reaffirmed a “buy” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Raymond James Financial reiterated a “strong-buy” rating and set a $66.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, June 1st. The Goldman Sachs Group raised their price objective on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Wedbush lifted their target price on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. 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 issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $49.08.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Parallel Advisors LLC lifted its stake in Edgewise Therapeutics by 64.9% in 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. Canada Pension Plan Investment Board purchased a new position in Edgewise Therapeutics during the 2nd quarter valued at about $45,000. Jones Financial Companies Lllp acquired a new position in shares of Edgewise Therapeutics in the 1st quarter valued at about $47,000. KBC Group NV purchased a new stake in shares of Edgewise Therapeutics in the first quarter worth approximately $49,000. Finally, Seven Fleet Capital Management LP purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter worth approximately $50,000.

Edgewise Therapeutics Company Profile

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.