Insider Selling: Edgewise Therapeutics (NASDAQ:EWTX) General Counsel Sells $219,801.12 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) General Counsel John Moore sold 5,016 shares of Edgewise Therapeutics 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 owned 17,697 shares of the company’s stock, valued at approximately $775,482.54. This represents a 22.08% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 Stock Performance

Shares of EWTX stock opened at $44.17 on Monday. The firm has a 50-day moving average price of $40.12 and a 200 day moving average price of $34.66. 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.

Edgewise Therapeutics (NASDAQ:EWTX) last released 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). As a group, research analysts predict that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current year.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of EWTX. Parallel Advisors LLC boosted its holdings in shares of Edgewise Therapeutics by 64.9% in the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after purchasing an additional 406 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Edgewise Therapeutics in the 2nd quarter worth $45,000. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics in the 1st quarter worth $47,000. KBC Group NV acquired a new position in Edgewise Therapeutics in the first quarter valued at $49,000. Finally, Seven Fleet Capital Management LP acquired a new position in Edgewise Therapeutics in the fourth quarter valued at $50,000.

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.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on EWTX shares. Truist Financial set a $52.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, May 6th. Royal Bank Of Canada increased their price target on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Leerink Partners set a $52.00 price objective on Edgewise Therapeutics in a report on Tuesday, June 16th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Finally, Guggenheim upped their target price 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 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. Based on data from MarketBeat, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $49.08.

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.