Russell Allan J, Chief Scientific Officer of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) recently made a significant sell in the stock. On December 30, 2024, Russell sold 100,000 shares of common stock, earning 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 deal comes after EWTX shares have surged 147% over the past year, with the company maintaining a strong balance sheet with a current ratio of 26.35.
This transaction was part of a preliminary trading plan pursuant to Rule 10b5-1 that Russell adopted on September 30, 2024. After this sale, Russell’s direct ownership is 14,863 shares. In addition, Russell exercised options to purchase 100,000 shares at a price of $0.18 per share, which was also reported the same day. According to InvestingPro, analysts maintain a bullish outlook on EWTX, with price targets ranging from $44 to $56, suggesting potential upside from current levels. Subscribers can get detailed insider trading analysis and 10+ additional ProTips through InvestingPro’s comprehensive research reports.
In other recent news, Edgewise Therapeutics is making significant progress in clinical trials and drug development. The biopharmaceutical company reported favorable Phase 2 data from its Becker muscular dystrophy (BMD) trial, reaching statistical significance on its primary endpoint. Additionally, Edgewise Therapeutics’ investigational drug EDG-5506 is expected to reach an adjusted global peak of $1.2 billion.
Truist Securities recently reiterated a Buy rating on Edgewise, citing the positive trial data as an important development. The company also confirmed its compliance with FDA requirements in light of a recent warning issued to a researcher not affiliated with the company.
Shares of Edgewise Therapeutics have seen a notable rally following successful results from its Phase 2 CANYON trial. The trial tested the company’s drug sevacemten in individuals with Becker muscular dystrophy and met its primary endpoint.
Evercore ISI initiated coverage with an outperform rating on Edgewise, highlighting the potential of the company’s pipeline, particularly Sevasemten and EDG-7500. Truist Securities maintained a buy rating on Edgewise and raised their price target from $33.00 to $50.00, reflecting increased confidence in the company’s prospects.
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