Edgewise Therapeutics (NASDAQ:EWTX) Insider Sells 200,000 Shares of Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) insider Alan Russell sold 200,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the completion of the sale, the insider owned 24,555 shares in the company, valued at $967,712.55. The trade was a 89.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock traded up $0.41 during trading on Thursday, hitting $39.56. 793,163 shares of the stock were exchanged, compared to its average volume of 1,188,248. The firm’s 50-day moving average price is $35.02 and its 200 day moving average price is $30.96. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of -23.83 and a beta of 0.27. Edgewise Therapeutics, Inc. has a 12-month low of $12.30 and a 12-month high of $43.93.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.04. As a group, research analysts forecast that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on EWTX. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Wedbush boosted their price objective on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. HC Wainwright restated a “buy” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.30.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted 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 during the last quarter. KBC Group NV acquired a new stake in shares of Edgewise Therapeutics in the first quarter valued at approximately $49,000. Seven Fleet Capital Management LP purchased a new position in shares of Edgewise Therapeutics during the fourth quarter worth approximately $50,000. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics during the first quarter worth approximately $47,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Edgewise Therapeutics by 23.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock valued at $71,000 after acquiring an additional 550 shares during the period.

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.