Edgewise Therapeutics CMO sells $202,000 worth of company stock by Investing.com

In a recent transaction, Joanne M. Donovan, Chief Medical Officer (CMO) of Edgewise Therapeutics, Inc. (NASDAQ:EWTX), sold shares of the company’s common stock. The sale, which took place on September 20, 2024, involved a total of 7,162 shares at an average price of $28.2886 per share, resulting in a total sale amount of approximately $202,602.

Investors following insider trades may note that the price per share for this sale fell in a narrow range of $28.28 to $28.29. Specific details on the number of shares sold at each price point in that range are available upon request, according to the SEC filing’s footnotes.

Following the sale, Donovan’s remaining holdings in Edgewise Therapeutics include 14,538 shares of common stock. It should be noted that this total includes 1,803 shares that were purchased on May 15, 2024, under the company’s 2021 Employee Stock Purchase Plan.

The transaction reflects the ongoing financial activities of company insiders, which are typically disclosed to the public through SEC filings. Edgewise Therapeutics, based in Boulder, Colorado, operates in the pharmaceuticals industry and is known for its focus on precision medicine for musculoskeletal diseases.

Investors and analysts often look at such insider trades as part of due diligence, considering them alongside other factors when assessing a company’s financial health and future prospects.

In other recent news, Edgewise Therapeutics has been at the center of several noteworthy developments. The biopharmaceutical company saw promising results from Phase 1 and 2 trials of its heart disease drug EDG-7500, which demonstrated tolerability and significant reductions in left ventricular flow tract gradients in patients with hypertrophic cardiomyopathy. RBC Capital Markets increased their price target on Edgewise Therapeutics from $32.00 to $42.00, maintaining an Outperform rating, while Truist Securities increased their price target on Edgewise Therapeutics from $25.00 to $33.00. USD, maintaining a Buy rating. Both firms cited the potential of the company’s HCM program as reason for their optimism.

In addition to these developments, Piper Sandler maintained its Overweight rating on Edgewise, highlighting future milestones such as Phase 1 studies for EDG-7500. Edgewise Therapeutics also approved the 2024 Equity Incentive Plan, reserving 2 million shares of common stock for new equity awards, indicating its commitment to innovation and talent acquisition.

These recent developments highlight Edgewise Therapeutics’ continued efforts to advance its drug development pipeline and bring new treatment options to market.

InvestingPro Insights

As investors digest the recent transaction from Edgewise Therapeutics, Inc. (NASDAQ:EWTX), it’s important to consider the company’s broader financial context provided by InvestingPro. With a market cap of $2.43 billion, the company’s financial health can be further understood by examining some key metrics and insights.

InvestingPro data shows that Edgewise Therapeutics has a negative P/E ratio of -17.06, reflecting its current lack of profitability. This aligns with InvestingPro Advice that analysts do not anticipate the company to be profitable this year. Additionally, the company’s operating income stands at -$136.17M adjusted for the trailing twelve months through Q2 2024, reinforcing the challenges it faces in generating profit.

Despite these challenges, Edgewise Therapeutics has demonstrated significant price performance with a one-week total return of 35.92% and a one-year total return of 337.84%. This robust performance is also highlighted by InvestingPro Tips, which notes strong returns over the past month and three months, as well as strong price growth over the past six months.

Finally, it’s worth noting that Edgewise Therapeutics has more cash than debt on its balance sheet, and that its liquid assets exceed short-term liabilities, giving it a degree of financial flexibility. This information, among others, is part of the comprehensive analysis available on InvestingPro, which includes additional advice to help investors make informed decisions. For more detailed information and advice on Edgewise Therapeutics, investors can view the full list of 11 InvestingPro tips at https://www.investing.com/pro/EWTX.

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