Insider Selling: Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CFO Sells $3,573,878.44 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the completion of the transaction, the chief financial officer now directly owns 6,904 shares in the company, valued at $197,247.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock opened at $25.99 on Friday. The company has a market cap of $2.44 billion, a PE ratio of -16.77 and a beta of 0.15. The firm has a fifty day moving average price of $19.32 and a two-hundred day moving average price of $18.37. Edgewise Therapeutics, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $30.00.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.02. Analysts expect that Edgewise Therapeutics, Inc. will post -1.47 earnings per share for the current fiscal year.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds have recently modified their holdings of the company. RA Capital Management L.P. bought a new stake in shares of Edgewise Therapeutics during the first quarter valued at approximately $162,502,000. Novo Holdings A S bought a new stake in Edgewise Therapeutics in the 2nd quarter valued at $114,263,000. Baker BROS. Advisors LP raised its stake in shares of Edgewise Therapeutics by 87.6% in the 1st quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after buying an additional 2,727,273 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Edgewise Therapeutics by 89.0% during the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after acquiring an additional 1,892,053 shares during the period. Finally, Frazier Life Sciences Management L.P. boosted its position in shares of Edgewise Therapeutics by 12.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock valued at $67,197,000 after acquiring an additional 427,500 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have commented on EWTX shares. Truist Financial increased their price target on Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Piper Sandler reiterated an “overweight” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a report on Monday, July 1st. Royal Bank of Canada restated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Wedbush reaffirmed an “outperform” rating and issued a $31.00 price target on shares of Edgewise Therapeutics in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. boosted their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $35.00.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.