Edgewise Therapeutics (NASDAQ:EWTX) Stock: Insider Michael Nofi Sells 4,442 Shares

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CFO Michael Nofi sold 4,442 shares of the business’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $45.43, for a total value of $201,800.06. Following the transaction, the chief financial officer directly owned 6,495 shares in the company, valued at $295,067.85. This trade represents a 40.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Trading Down 4.5%

Shares of Edgewise Therapeutics stock traded down $2.21 on Tuesday, reaching $46.53. 1,939,581 shares of the company were exchanged, compared to its average volume of 1,293,223. Edgewise Therapeutics, Inc. has a one year low of $18.10 and a one year high of $48.78. The company has a market capitalization of $5.05 billion, a price-to-earnings ratio of 5.68 and a beta of 0.39. The company has a 50-day moving average of $40.97 and a 200 day moving average of $36.64.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Wednesday, November 4th. The company reported $9.65 earnings per share for the quarter, beating the consensus estimate of ($0.53) by $10.18. Analysts predict that Edgewise Therapeutics, Inc. will post 5.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

EWTX has been the subject of a number of recent analyst reports. William Blair initiated coverage on shares of Edgewise Therapeutics in a research note on Friday, October 16th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, August 20th. The Goldman Sachs Group upped their target price on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Wedbush dropped their target price on shares of Edgewise Therapeutics from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Thursday, November 5th. Finally, Evercore reiterated an “outperform” rating and issued a $55.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $52.83.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC boosted its stake in Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after buying an additional 406 shares in the last quarter. GAMMA Investing LLC grew its position in Edgewise Therapeutics by 26.5% in the third quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock valued at $108,000 after acquiring an additional 559 shares during the last quarter. AlphaCentric Advisors LLC raised its stake in Edgewise Therapeutics by 4.6% during the third quarter. AlphaCentric Advisors LLC now owns 16,572 shares of the company’s stock worth $673,000 after acquiring an additional 732 shares in the last quarter. KBC Group NV acquired a new position in Edgewise Therapeutics during the first quarter worth about $49,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Edgewise Therapeutics by 10.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,216 shares of the company’s stock worth $792,000 after acquiring an additional 1,843 shares during the last quarter.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for serious muscle disorders. Founded in 2017 and based in Boulder, Colorado, the company researches small-molecule treatments designed to address the underlying biology of muscle and cardiac conditions. Its programs include sevasemten, an investigational therapy for Duchenne and Becker muscular dystrophies, and EDG-7500, an investigational treatment being developed for hypertrophic cardiomyopathy.