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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CFO Michael Nofi sold 4,442 shares of the company’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 transaction of $201,800.06. Following the transaction, the chief financial officer owned 6,495 shares of the company’s stock, valued at approximately $295,067.85. This represents a 40.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 Trading Down 4.5%

NASDAQ:EWTX traded down $2.21 on Tuesday, hitting $46.53. The company had a trading volume of 1,939,581 shares, compared to its average volume of 1,293,223. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of 5.68 and a beta of 0.39. The firm has a 50 day moving average of $40.97 and a two-hundred day moving average of $36.64. Edgewise Therapeutics, Inc. has a 52 week low of $18.10 and a 52 week high of $48.78.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Wednesday, November 4th. The company reported $9.65 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $10.18. As a group, equities analysts forecast that Edgewise Therapeutics, Inc. will post 5.43 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on EWTX. William Blair started coverage on Edgewise Therapeutics in a report on Friday, October 16th. They set an “outperform” rating on the stock. HC Wainwright restated a “buy” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 14th. JPMorgan Chase & Co. upped their target price on Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Wall Street Zen upgraded Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, October 4th. Finally, Wedbush dropped their target price on Edgewise Therapeutics from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Thursday, November 5th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $52.83.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its holdings in Edgewise Therapeutics by 214.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 244,484 shares of the company’s stock worth $9,764,000 after acquiring an additional 166,751 shares during the last quarter. Lisanti Capital Growth LLC bought a new position in shares of Edgewise Therapeutics during the third quarter valued at $3,567,000. Pictet Asset Management Holding SA raised its stake in shares of Edgewise Therapeutics by 10,434.8% during the third quarter. Pictet Asset Management Holding SA now owns 661,586 shares of the company’s stock valued at $26,860,000 after acquiring an additional 655,306 shares during the last quarter. AlphaCentric Advisors LLC raised its stake in shares of Edgewise Therapeutics by 4.6% during the third quarter. AlphaCentric Advisors LLC now owns 16,572 shares of the company’s stock valued at $673,000 after acquiring an additional 732 shares during the last quarter. Finally, Alps Advisors Inc. raised its stake in shares of Edgewise Therapeutics by 32.2% during the third quarter. Alps Advisors Inc. now owns 143,864 shares of the company’s stock valued at $5,841,000 after acquiring an additional 35,069 shares during the last quarter.

About Edgewise Therapeutics

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.