Edgewise Therapeutics (NASDAQ:EWTX) CMO Sells 6,522 Shares

Key Points

• Edgewise Therapeutics CMO Joanne Donovan sold 6,522 shares at an average price of $43.85, generating $285,989.70. The sale reduced her holdings by 36.1% and was made to cover tax withholding on vested equity awards.
• Edgewise shares rose 2.3% to $44.17, while the company reported a quarterly loss of $0.53 per share—$0.06 worse than analysts expected.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $49.08; major investors including BlackRock also established or increased positions during the second quarter.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) CMO Joanne Donovan sold 6,522 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total transaction of $285,989.70. Following the completion of the transaction, the chief marketing officer owned 11,544 shares in the company, valued at $506,204.40. The trade was a 36.10% decrease in their position. The transaction 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 Stock Up 2.3%

Shares of Edgewise Therapeutics stock traded up $0.99 during trading on Friday, reaching $44.17. 779,899 shares of the stock were exchanged, compared to its average volume of 1,187,702. The stock's fifty day moving average is $39.95 and its 200 day moving average is $34.55. The firm 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 1 year low of $13.52 and a 1 year high of $48.40.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings results 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). Equities analysts forecast that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current year.

Institutional Trading of Edgewise Therapeutics

Several large investors have recently bought and sold shares of the company. Parkman Healthcare Partners LLC purchased a new position in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $23,445,000. Legal & General Group Plc bought a new position in shares of Edgewise Therapeutics in the 2nd quarter worth approximately $1,816,000. The Manufacturers Life Insurance Company purchased a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at approximately $1,656,000. Algert Global LLC lifted its stake in shares of Edgewise Therapeutics by 45.3% in the 2nd quarter. Algert Global LLC now owns 47,240 shares of the company's stock valued at $1,919,000 after purchasing an additional 14,720 shares during the period. Finally, BlackRock Inc. bought a new stake in shares of Edgewise Therapeutics during the second quarter valued at approximately $268,415,000.

Wall Street Analyst Weigh In

EWTX has been the topic of several research analyst reports. HC Wainwright reissued a "buy" rating and set a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. The Goldman Sachs Group raised their price target on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a "neutral" rating in a research note on Tuesday. Guggenheim lifted their price target on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the company a "buy" rating in a report on Monday, July 6th. Royal Bank Of Canada boosted their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an "outperform" rating in a research report on Wednesday, June 17th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Edgewise Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $49.08.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source