Insider Selling: Edgewise Therapeutics (NASDAQ:EWTX) Insider Sells 5,901 Shares

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) insider Alan Russell sold 5,901 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total transaction of $258,050.73. Following the completion of the sale, the insider directly owned 31,466 shares of the company’s stock, valued at $1,376,008.18. This represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Price Performance

NASDAQ EWTX traded up $0.99 during trading on Friday, hitting $44.17. 779,899 shares of the company’s stock traded hands, compared to its average volume of 1,187,702. The stock has a fifty day moving average of $39.95 and a two-hundred day moving average of $34.55. Edgewise Therapeutics, Inc. has a 12-month low of $13.52 and a 12-month high of $48.40. The firm has a market cap of $4.80 billion, a P/E ratio of -23.88 and a beta of 0.30.

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

Institutional Trading of Edgewise Therapeutics

Large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Edgewise Therapeutics during the 2nd quarter valued at about $268,415,000. Morgan Stanley lifted its holdings in Edgewise Therapeutics by 234.7% in the 4th quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock worth $72,234,000 after buying an additional 2,041,203 shares during the period. UBS Group AG grew its position in shares of Edgewise Therapeutics by 1,755.0% in the 4th quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock worth $52,535,000 after buying an additional 2,002,945 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Edgewise Therapeutics by 29.5% in the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after buying an additional 1,348,706 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $18,645,000.

Analysts Set New Price Targets

A number of brokerages have commented on EWTX. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $66.00 price target on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Royal Bank Of Canada raised their target price on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, June 17th. HC Wainwright reaffirmed a “buy” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Wedbush upped their price target on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Finally, Leerink Partners set a $52.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. One 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 given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.