Joanne Donovan Sells 6,522 Shares of Edgewise Therapeutics (NASDAQ:EWTX) Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CMO Joanne Donovan sold 6,522 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.85, for a total transaction of $285,989.70. Following the completion of the sale, the chief marketing officer owned 11,544 shares in the company, valued at approximately $506,204.40. This trade represents a 36.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 firm has a 50-day moving average of $40.12 and a two-hundred day moving average of $34.62. 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 announced its quarterly earnings data 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.

Wall Street Analyst Weigh In

Several research analysts have issued reports on EWTX shares. Guggenheim lifted their price target on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. 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. HC Wainwright reissued a “buy” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Evercore restated an “outperform” rating and issued a $55.00 target price on shares of Edgewise Therapeutics in a report on Monday, July 20th. Finally, Royal Bank Of Canada boosted their target price on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.08.

Institutional Trading of Edgewise Therapeutics

Several large investors have recently added to or reduced their stakes in EWTX. Parallel Advisors LLC lifted its holdings in shares of 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 purchasing an additional 406 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Edgewise Therapeutics in the second quarter worth $45,000. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics during the first quarter valued at $47,000. KBC Group NV purchased a new position in shares of Edgewise Therapeutics during the first quarter valued at $49,000. Finally, Seven Fleet Capital Management LP acquired a new position in Edgewise Therapeutics during the fourth quarter valued at $50,000.

Edgewise Therapeutics News Roundup

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.

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.