Insider Selling: Edgewise Therapeutics (NASDAQ:EWTX) CEO Sells $784,973.28 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CEO Kevin Koch sold 17,971 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total transaction of $784,973.28. Following the completion of the transaction, the chief executive officer owned 52,488 shares in the company, valued at $2,292,675.84. This trade represents a 25.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Price Performance

Shares of EWTX traded up $0.99 during trading hours on Friday, hitting $44.17. 779,899 shares of the stock were exchanged, compared to its average volume of 1,187,702. Edgewise Therapeutics, Inc. has a fifty-two week low of $13.52 and a fifty-two week high of $48.40. The business has a 50-day moving average of $39.95 and a 200-day moving average of $34.55. The firm has a market capitalization of $4.80 billion, a P/E ratio of -23.88 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last released its 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, analysts forecast that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on EWTX shares. Evercore restated an “outperform” rating and set a $55.00 target price on shares of Edgewise Therapeutics in a research report on Monday, July 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Truist Financial set a $52.00 price target on Edgewise Therapeutics in a research note on Wednesday, May 6th. Raymond James Financial reissued a “strong-buy” rating and issued a $66.00 price target on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Finally, Royal Bank Of Canada raised their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $49.08.

Institutional Trading of Edgewise Therapeutics

Several large investors have recently made changes to their positions in EWTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Edgewise Therapeutics by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company’s stock valued at $963,000 after buying an additional 2,463 shares in the last quarter. Jones Financial Companies Lllp bought a new position in Edgewise Therapeutics in the first quarter worth approximately $47,000. Goldman Sachs Group Inc. boosted its holdings in Edgewise Therapeutics by 5.7% in the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company’s stock worth $8,066,000 after acquiring an additional 19,753 shares in the last quarter. Strs Ohio acquired a new stake in Edgewise Therapeutics in the first quarter valued at approximately $84,000. Finally, Creative Planning grew its stake in Edgewise Therapeutics by 29.4% in the second quarter. Creative Planning now owns 16,910 shares of the company’s stock valued at $222,000 after acquiring an additional 3,837 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.