Key Points
- CFO Michael Nofi sold 4,442 shares at an average price of $45.43, totaling about $201,800. The sale covered tax withholding on vested equity awards; he retained 6,495 shares.
- Edgewise reported quarterly earnings of $9.65 per share, beating the consensus estimate of a $0.53 loss by $10.18.
- Analysts’ consensus rating is Moderate Buy, with an average price target of $52.83; nine analysts rate the stock Buy, one Hold, and two Sell.
Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) CFO Michael Nofi sold 4,442 shares of the company's stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $45.43, for a total value of $201,800.06. Following the transaction, the chief financial officer owned 6,495 shares of the company's stock, valued at approximately $295,067.85. This represents a 40.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Edgewise Therapeutics Stock Down 4.5%
Shares of EWTX stock opened at $46.53 on Wednesday. The stock has a fifty day moving average of $41.07 and a 200 day moving average of $36.72. Edgewise Therapeutics, Inc. has a 52 week low of $18.10 and a 52 week high of $48.78. The firm has a market capitalization of $5.09 billion, a price-to-earnings ratio of 5.68 and a beta of 0.39.
Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $9.65 earnings per share for the quarter, beating the consensus estimate of ($0.53) by $10.18. Equities research analysts anticipate that Edgewise Therapeutics, Inc. will post 6.92 earnings per share for the current year.
Hedge Funds Weigh In On Edgewise Therapeutics
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in shares of Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company's stock valued at $33,000 after buying an additional 406 shares in the last quarter. KBC Group NV bought a new position in shares of Edgewise Therapeutics in the 1st quarter worth about $49,000. Sterling Capital Management LLC increased its stake in shares of Edgewise Therapeutics by 840.2% in the 3rd quarter. Sterling Capital Management LLC now owns 2,360 shares of the company's stock worth $96,000 after acquiring an additional 2,109 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Edgewise Therapeutics by 26.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company's stock worth $108,000 after acquiring an additional 559 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Edgewise Therapeutics during the 3rd quarter valued at about $225,000.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on EWTX. Wall Street Zen raised shares of Edgewise Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, October 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of Edgewise Therapeutics in a research note on Thursday, October 15th. Evercore reissued an "outperform" rating and issued a $55.00 price target on shares of Edgewise Therapeutics in a research note on Monday, July 20th. The Goldman Sachs Group raised their price objective on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a "neutral" rating in a report on Tuesday, August 11th. Finally, Raymond James Financial reaffirmed an "underperform" rating and set a $85.00 price objective on shares of Edgewise Therapeutics in a research report on Thursday, November 5th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $52.83.
Check Out Our Latest Stock Report on Edgewise Therapeutics
About Edgewise Therapeutics
(
Get Free Report)
Edgewise Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for serious muscle disorders. Founded in 2017 and based in Boulder, Colorado, the company researches small-molecule treatments designed to address the underlying biology of muscle and cardiac conditions. Its programs include sevasemten, an investigational therapy for Duchenne and Becker muscular dystrophies, and EDG-7500, an investigational treatment being developed for hypertrophic cardiomyopathy.
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