Edgewise Therapeutics (NASDAQ:EWTX) CEO Kevin Koch Sells 17,971 Shares of Stock

Key Points

• CEO Kevin Koch sold 17,971 shares of Edgewise Therapeutics at an average price of $43.68, totaling approximately $785,000. The sale reduced his position by 25.5% and was made to cover tax withholding on vested equity awards.
• Edgewise shares rose 2.3% to $44.17, near the company’s 52-week high of $48.40. The company missed quarterly earnings expectations, reporting a loss of $0.53 per share versus the consensus estimate of $0.47.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $49.08; several institutional investors also recently increased their holdings.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) CEO Kevin Koch sold 17,971 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the transaction, the chief executive officer owned 52,488 shares of the company's stock, valued at $2,292,675.84. The trade was a 25.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 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 traded up $0.99 on Friday, hitting $44.17. The company had a trading volume of 779,899 shares, compared to its average volume of 1,187,702. The stock has a market cap of $4.80 billion, a price-to-earnings ratio of -23.88 and a beta of 0.30. The stock has a 50 day moving average price of $39.95 and a 200 day moving average price of $34.55. Edgewise Therapeutics, Inc. has a 1-year low of $13.52 and a 1-year high of $48.40.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06). Sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EWTX. Wedbush increased their price objective on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an "outperform" rating in a research note on Monday, June 1st. HC Wainwright reiterated a "buy" rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Truist Financial set a $52.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, May 6th. Finally, Leerink Partners set a $52.00 target price 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, eight have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $49.08.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC lifted its holdings in Edgewise Therapeutics by 29.5% during the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company's stock worth $186,289,000 after buying an additional 1,348,706 shares during the period. UBS Group AG increased its stake in shares of Edgewise Therapeutics by 1,755.0% in the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company's stock valued at $52,535,000 after buying an additional 2,002,945 shares during the period. California State Teachers Retirement System increased its stake in shares of Edgewise Therapeutics by 45.7% in the first quarter. California State Teachers Retirement System now owns 73,419 shares of the company's stock valued at $2,313,000 after buying an additional 23,027 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Edgewise Therapeutics by 104.8% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 271,385 shares of the company's stock worth $6,734,000 after acquiring an additional 138,882 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of Edgewise Therapeutics during the fourth quarter worth about $446,000.

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.

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