Edgewise Therapeutics Chief Scientific Officer Sells $2.74M worth of stock By Investing.com
Russell Alan J, Chief Scientific Officer of Edgewise Therapeutics, Inc. (NASDAQ:EWTX), has recently made significant stock sales. On December 30, 2024, Russell sold 100,000 shares of common stock, netting approximately $2.74 million. The stock was sold at an average price of $27.37, with transactions taking place in a price range of $20.00 to $27.90. The transaction comes as EWTX stock has risen 147% over the past year and the company maintains a strong balance sheet with a current ratio of 26.35.
This transaction was part of a predetermined trading plan under Rule 10b5-1, which Russell adopted on September 30, 2024. After this sale, Russell’s direct ownership is 14,863 shares. Additionally, Russell exercised options to acquire 100,000 shares at $0.18 per share, which were also issued on the same date. According to InvestingProanalysts maintain a bullish outlook on EWTX with price targets ranging from $44 to $56, suggesting potential upside from current levels. Subscribers can access in-depth insider trading analysis and 10+ additional ProTips via InvestingPro’s comprehensive research reports.
In other recent news, Edgewise Therapeutics is making significant strides in its clinical trials and drug development. The biopharmaceutical company reported favorable Phase 2 data from its Becker Muscular Dystrophy (BMD) trial, achieving statistical significance in its primary endpoint. In addition, Edgewise Therapeutics’ investigational drug EDG-5506 is projected to achieve adjusted top global revenue of $1.2 billion.
Truist Securities recently reiterated a Buy rating on Edgewise, citing the positive test data as significant progress. The company also confirmed its compliance with FDA requirements amid a recent warning issued to a researcher unaffiliated with the company.
Shares of Edgewise Therapeutics saw a significant rally following the successful results of the Phase 2 CANYON trial. The trial tested the company’s drug sevasemten in people with Becker muscular dystrophy and met its primary endpoint.
Evercore ISI initiated coverage on Edgewise with an Outperform rating, highlighting the company’s pipeline potential, particularly Sevasemten and EDG-7500. Truist Securities maintained a buy rating on Edgewise and raised its target price from $33.00 to $50.00, reflecting increased confidence in the company’s outlook.
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