Edgewise Therapeutics CFO Sells Over $3.5M in Company Shares by Investing.com

In a recent move that caught the attention of investors, R. Michael Carruthers, Chief Financial Officer of Edgewise Therapeutics, Inc. (NASDAQ:EWTX), sold a significant portion of his company’s stock. According to the latest filings, Carruthers sold more than $3.5 million worth of stock.

The transactions, which took place on September 20, involved the sale of 75,092 shares of Edgewise Therapeutics common stock at prices ranging from $28.5477 to $28.5862, for a total sale value of approximately $3573.979. In addition, Carruthers purchased 96,068 shares through option exercises at a fixed price of $1.93, totaling $185,411.

These sales and purchases are part of the executive’s stock trading plan and provide insight into the financial movements of Edgewise Therapeutics’ senior management. Following these transactions, Carruthers’ direct ownership of the company was adjusted to 6,904 shares of common stock.

It is worth noting that the prices at which the shares were sold represent an average, as the shares were sold in several transactions at different prices during the reported range. This is a common practice to provide a general idea of ​​transaction values ​​without disclosing each specific transaction.

For investors watching insider activity as a signal for their trading strategies, such moves can be of interest because they reflect the actions of those with deep knowledge of the company. Edgewise Therapeutics, based in Boulder, Colo., specializes in pharmaceuticals and has been a player in the life sciences sector.

Investors and security holders of Edgewise Therapeutics may request detailed information on the exact number of shares sold at each price point in the range as stated by the reporting officer in the footnotes to the filing.

Recent stock sales by Edgewise Therapeutics’ CFO are part of ongoing financial disclosures required by executives and are publicly available for review by investors and regulators.

In other recent news, Edgewise Therapeutics has seen a flurry of activity from prominent analyst firms. RBC Capital Markets raised its price target on Edgewise from $32.00 to $42.00, maintaining an Outperform rating, following the release of promising data for the company’s ‘7500’ drug candidate. Truist Securities raised their price target for the company from $25.00 to $33.00, maintaining a Buy rating based on the potential of Edgewise’s hypertrophic cardiomyopathy (HCM) program.

Edgewise reported positive results from Phase 1 and 2 studies of its heart disease drug EDG-7500, with a new 28-day study initiated and baseline data expected in the first quarter of 2025. Additionally, the company approved 2024 Inducement Equity Incentive Plan, reserving 2 million shares of common stock for new equity awards.

Piper Sandler maintained its Overweight rating on Edgewise, citing upcoming milestones such as Phase 1 studies for EDG-7500. Furthermore, the company is preparing to read data from its sevasemten programs in phase 2 studies by the end of 2024. These recent developments highlight Edgewise’s commitment to advancing its pipeline of innovative therapies.

InvestingPro Insights

In light of recent stock sales by R. Michael Carruthers, CFO of Edgewise Therapeutics, Inc. (NASDAQ:EWTX), investors may be interested in various financial indicators and recent performance data that may shed light on the company’s current financial health and market sentiment. Edgewise Therapeutics has a market cap of about $2.43 billion, according to InvestingPro data. Despite the difficult market conditions, the company has demonstrated significant returns over the past week with a 35.92% increase in total price returns.

InvestingPro Tips suggests that Edgewise Therapeutics has more cash than debt on its balance sheet, which is a positive sign for financial stability. Additionally, the company’s liquid assets exceed short-term liabilities, indicating a solid liquidity position. These factors could give some investors confidence in the company’s ability to manage its finances, despite analysts’ consensus that the company may not be profitable this year.

With strong returns over the last month, three months and six months, investors may find the stock’s recent performance encouraging. The price has seen great growth with a total return of 62.0% over the past six months and a return of 337.84% over the past year. It’s also worth noting that the company’s shares are trading at 86.4% of their 52-week high at the previous close.

For those interested in additional analysis and additional InvestingPro tips, there are 10 more tips listed in the InvestingPro product that can be accessed for Edgewise Therapeutics at https://www.investing.com/pro/EWTX. This information could be valuable to investors who want to make informed decisions based on the latest data and expert information.

This article was generated with support from AI and reviewed by an editor. For more information, see T&C.