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

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

Edgewise Therapeutics Price Performance

EWTX stock opened at $39.56 on Friday. The company has a fifty day moving average price of $35.31 and a 200 day moving average price of $31.13. Edgewise Therapeutics, Inc. has a 12 month low of $12.30 and a 12 month high of $43.93. The company has a market cap of $4.26 billion, a price-to-earnings ratio of -23.83 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. As a group, analysts anticipate that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on EWTX. JPMorgan Chase & Co. increased their target price on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Monday, April 20th. Wedbush upped their price objective on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Leerink Partners set a $52.00 price objective on Edgewise Therapeutics in a research note on Tuesday, June 16th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has 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 price target of $47.30.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its position 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 purchasing an additional 406 shares during the period. Canada Pension Plan Investment Board acquired a new position in Edgewise Therapeutics during the 2nd quarter worth approximately $45,000. Jones Financial Companies Lllp acquired a new position in Edgewise Therapeutics during the 1st quarter worth approximately $47,000. KBC Group NV purchased a new position in shares of Edgewise Therapeutics during the 1st quarter worth approximately $49,000. Finally, Seven Fleet Capital Management LP purchased a new position in shares of Edgewise Therapeutics during the 4th quarter worth approximately $50,000.

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.