Key Points
- CEO Kevin Koch sold 17,971 Edgewise Therapeutics shares for approximately $784,973 at an average price of $43.68, reducing his stake by 25.5% to 52,488 shares. The sale was intended to cover tax withholding tied to vested equity awards.
- EWTX shares were trading near $44.17, up 2.3%, with a market capitalization of about $4.8 billion. The company reported a quarterly loss of $0.53 per share, missing analyst expectations of a $0.47 loss.
- Institutional ownership increased, while analysts maintained a generally positive outlook: the stock has a consensus “Moderate Buy” rating and an average price target of $49.08, despite one sell rating.
Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) CEO Kevin Koch sold 17,971 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total transaction 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. This represents a 25.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 EWTX stock opened at $44.17 on Friday. The firm's 50 day moving average is $40.12 and its 200 day moving average is $34.62. The stock has a market capitalization of $4.80 billion, a P/E 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.
Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its 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). On average, equities analysts predict that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current year.
Institutional Investors Weigh In On Edgewise Therapeutics
Large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in shares of Edgewise Therapeutics by 29.5% in the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company's stock valued at $186,289,000 after purchasing an additional 1,348,706 shares in the last quarter. UBS Group AG raised its position in Edgewise Therapeutics by 1,755.0% in the 4th quarter. UBS Group AG now owns 2,117,073 shares of the company's stock worth $52,535,000 after purchasing an additional 2,002,945 shares during the period. California State Teachers Retirement System raised its position in Edgewise Therapeutics by 45.7% in the 1st quarter. California State Teachers Retirement System now owns 73,419 shares of the company's stock worth $2,313,000 after purchasing an additional 23,027 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Edgewise Therapeutics by 104.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 271,385 shares of the company's stock worth $6,734,000 after purchasing an additional 138,882 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new stake in Edgewise Therapeutics in the fourth quarter worth $446,000.
Analyst Ratings Changes
A number of research analysts have weighed in on the company. Raymond James Financial reaffirmed a "strong-buy" rating and set a $66.00 target price on shares of Edgewise Therapeutics in a report on Monday, June 1st. Leerink Partners set a $52.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. HC Wainwright reissued a "buy" rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Royal Bank Of Canada boosted their price target 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 reiterated a "sell (d-)" rating on shares of Edgewise Therapeutics in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $49.08.
Read Our Latest Stock Analysis on EWTX
More Edgewise Therapeutics News
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.
About Edgewise Therapeutics
(
Get Free Report)
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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