Joanne Donovan Sells 2,919 Shares of Edgewise Therapeutics (NASDAQ:EWTX) Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CMO Joanne Donovan sold 2,919 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $43.41, for a total value of $126,713.79. Following the transaction, the chief marketing officer directly owned 8,625 shares of the company’s stock, valued at $374,411.25. This trade represents a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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. The company has a market cap of $4.80 billion, a price-to-earnings ratio of -23.88 and a beta of 0.30. Edgewise Therapeutics, Inc. has a 12-month low of $13.52 and a 12-month high of $48.40. The stock’s 50 day simple moving average is $40.12 and its 200 day simple moving average is $34.62.

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

Analysts Set New Price Targets

EWTX has been the subject of several analyst reports. Truist Financial set a $52.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. Wedbush lifted their price objective on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. Oppenheimer began coverage on shares of Edgewise Therapeutics in a research note on Thursday, July 9th. They set an “outperform” rating and a $51.00 target price for the company. Raymond James Financial restated a “strong-buy” rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Finally, Guggenheim upped their target price 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. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.08.

Edgewise Therapeutics News Summary

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.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in EWTX. Optimize Financial Inc grew its stake in shares of Edgewise Therapeutics by 1.5% in the fourth quarter. Optimize Financial Inc now owns 27,679 shares of the company’s stock worth $687,000 after purchasing an additional 396 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Edgewise Therapeutics by 64.9% during 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. Steward Partners Investment Advisory LLC lifted its holdings in Edgewise Therapeutics by 23.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock worth $71,000 after purchasing an additional 550 shares during the period. California State Teachers Retirement System grew its position in Edgewise Therapeutics by 2.4% in the 2nd quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock valued at $483,000 after buying an additional 850 shares in the last quarter. Finally, AlphaCentric Advisors LLC grew its position in Edgewise Therapeutics by 6.2% in the 1st quarter. AlphaCentric Advisors LLC now owns 15,615 shares of the company’s stock valued at $492,000 after buying an additional 912 shares in the last quarter.

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.