Edgewise Therapeutics executive sells more than $1.2 million in stock by Investing.com

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) reported a significant trade of one of its top executives, according to a recent filing with the SEC. Behrad Derakhshan, the company’s Chief Business Officer, sold 42,068 common shares at prices ranging from $29.00 to $29.28, with an average of $29.0276 per share. Total proceeds from the sale amounted to more than $1.2 million.

The same filing also disclosed that Derakhshan purchased the same number of shares through an exercise of the option at a price of $1.93 per share, which totaled approximately $81,191. Following these transactions, Derakhshan’s direct ownership is 15,121 common shares.

Investors often monitor insider trading because it provides information about executives’ views on the value of the company’s stock. The sale took place on September 20, 2024, the file being made public on September 24.

The filing included footnotes indicating that the sale price was an average, with several transactions occurring in the specified price range. In addition, it noted that the shares purchased include 1,699 shares purchased in early May as part of the company’s 2021 Employee Stock Purchase Plan.

Edgewise Therapeutics, based in Boulder, Colorado, specializes in pharmaceutical preparations and is known for its focus on innovative treatments in the life sciences sector.

Investors and security holders may request detailed information about the exact number of shares sold at each price point by contacting the reporting person or the company.

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

Edgewise has also initiated a new 28-day study, with baseline data expected in the first quarter of 2025. This is part of the company’s ongoing development of therapies for severe, rare muscle disorders. Another recent development includes the approval of the 2024 Equity Incentive Plan, reserving 2 million shares of common stock for new equity awards.

Piper Sandler maintained its Overweight rating on Edgewise, highlighting upcoming milestones such as Phase 1 studies for EDG-7500. The firm also noted the company’s strong financial position and progress in its drug development programs. These recent developments reflect Edgewise’s continued efforts to advance its pipeline of innovative therapies.”

InvestingPro Insights

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been in the spotlight for investors following a major insider trade. The company’s market capitalization is $2.43 billion, which indicates its solid position in the pharmaceutical industry. Despite the recent selloff, Edgewise Therapeutics has more cash than debt on its balance sheet, which is a positive sign of financial health and stability. This is a noteworthy InvestingPro tip because it suggests the company has a buffer to fund operations and strategic initiatives.

InvestingPro Data also shows that the company has seen a significant return in the last week with a 35.92% rise in its share price. This trend extends over different periods with a return of 34.09% over the past month and an impressive return of 337.84% over the past year. Such performance indicators underscore the stock’s strong momentum and could be of particular interest to investors looking for growth opportunities in the biotech sector.

However, potential investors should be aware that analysts do not anticipate that Edgewise Therapeutics will be profitable this year, which is another key piece of InvestingPro advice. This perspective, along with the company’s negative earnings numbers, such as P/E ratio of -17.06 and operating income of -$136.17M for the trailing twelve months to 2024Q2, could influence investment decisions .

For those looking for additional information, there are additional InvestingPro Tips available on their platform that can provide a more in-depth analysis of Edgewise Therapeutics’ financial and market performance.

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