Edgewise Therapeutics General Counsel Sells More Than $1.9M in Company Shares Via Investing.com

John R. Moore, General Counsel of Edgewise Therapeutics, Inc. (NASDAQ:EWTX), a pharmaceutical company, recently sold a significant amount of the company’s stock, according to its most recent filings. On two separate occasions, Moore has made over $1.9 million in sales.

The trades took place on September 20 and 23, 2024, with Moore selling exactly 50,000 shares at an average price of $28.3702 on the first day, and another 20,922 shares at a slightly lower average price of $27.6295 a few days later late. These sales resulted in substantial proceeds for the General Counsel, with total proceeds from the sales amounting to approximately $1,996,574.

In addition to the sales, the filings also revealed that Moore purchased stock by exercising options. On September 20, he exercised options to purchase 50,000 shares at a par price of $0.71 per share. Later, on September 23, it purchased another 20,922 shares at the same price per share. The total value for these option exercises was $50,354.

These transactions adjusted John R. Moore’s holdings in the company, leaving him with a total of 3,252 shares of Edgewise Therapeutics common stock after the reported sales. The documents did not specify the reasons behind Moore’s decision to sell the shares, but provide a transparent view of the executive’s trading activities in the company’s stock.

Investors often monitor such insider trades because they can provide insight into an executive’s perspective on the company’s current valuation and future prospects. However, it is important to note that insider trading activities can be subject to various motivations and do not always signal corporate perspectives.

Edgewise Therapeutics, based in Boulder, Colorado, specializes in pharmaceuticals and is known for its focus on precision medicine for severe and rare muscle disorders. The company has not yet commented on the transactions reported in recent SEC filings.

In other recent news, Edgewise Therapeutics saw its stock price target raised by RBC Capital Markets from $32.00 to $42.00 following the release of promising first-in-the-world data for the company’s ‘7500’ drug candidate. Truist Securities also raised their price target from $25.00 to $33.00, maintaining a Buy rating based on the potential of the company’s hypertrophic cardiomyopathy (HCM) program. Piper Sandler maintained its Overweight rating on Edgewise, citing upcoming milestones such as Phase 1 studies for EDG-7500.

Moreover, the company reported positive results from Phase 1 and 2 trials of its heart drug EDG-7500, which demonstrated tolerability and significant reductions in left ventricular flow tract gradients in HCM patients. A new 28-day trial has been initiated, with initial data expected in the first quarter of 2025.

In addition, Edgewise Therapeutics approved the 2024 Equity Incentive Plan, reserving 2 million shares of common stock for new equity awards, underscoring its commitment to innovation and talent acquisition. These recent developments highlight the company’s continued progress in drug development and its potential to bring new treatment options to market.

InvestingPro Insights

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been in the spotlight with General Counsel’s recent stock selloff, and investors are closely watching the company’s financial health and stock performance metrics. With a market cap of $2.43 billion, Edgewise Therapeutics presents a unique profile in the pharmaceutical landscape. According to the latest figures from InvestingPro, the company’s price-to-earnings (P/E) ratio is -17.06, reflecting its current earnings relative to its share price. In the last twelve months from Q1 2023, the company was not profitable, with an operating income of -$136.17 million and an EBITDA of -$134.29 million.

Despite these numbers, Edgewise Therapeutics has seen significant stock returns, with a return of 35.92% over the past week and an impressive return of 337.84% over the past year, demonstrating strong market performance. One InvestingPro tip that stands out is the company’s liquidity position, with liquid assets exceeding short-term liabilities, which is a positive indicator of financial stability.

It’s also worth noting that Edgewise Therapeutics has more cash than debt on its balance sheet, another InvestingPro tip that may be of interest to investors looking for companies with strong financial foundations. For those seeking more in-depth information and advice, InvestingPro offers additional advice on Edgewise Therapeutics, which can be found at https://www.investing.com/pro/EWTX.

As of the most recent data, Edgewise Therapeutics does not pay a dividend to shareholders, which may be a consideration for income-focused investors. The company’s next earnings date is scheduled for November 7, 2024, a key event for both investors and analysts to gauge the company’s performance and future prospects.

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