Russell Alan J, Chief Scientific Officer of Edgewise Therapeutics, Inc. (NASDAQ:EWTX), recently made a major stock sale. On December 30, 2024, Russell sold 100,000 shares of common stock, generating approximately $2.74 million. Shares sold at an average price of $27.37, with transactions occurring within a price range of $20.00 to $27.90. The transaction comes as EWTX shares have risen 147% over the past year, and the company maintained a strong balance sheet with a current ratio of 26.35.
This transaction was part of a prearranged trading plan under Rule 10b5-1, which Russell adopted on September 30, 2024. Following this sale, Russell’s direct ownership amounts to 14,863 shares. Additionally, Russell exercised options to purchase 100,000 shares at a price of $0.18 per share, which were also reported on the same date. According to InvestingPro, analysts maintain a bullish outlook for EWTX with price targets ranging from $44 to $56, suggesting potential upside from current levels. Subscribers can access detailed insider analysis and over 10 additional ProTips through InvestingPro’s comprehensive research reports.
In other recent news, Edgewise Therapeutics has made significant progress in its clinical trials and drug development. The biopharmaceutical company reported favorable data from phase 2 of its Becker muscular dystrophy (BMD) trial, achieving statistical significance in its primary endpoint. Additionally, Edgewise Therapeutics’ investigational drug EDG-5506 is expected to reach peak global adjusted revenues of $1.2 billion.
Truist Securities recently reiterated a Buy rating on Edgewise, citing the positive test data as a significant development. The company also confirmed its compliance with FDA requirements amid a recent warning issued to a researcher not associated with the company.
Shares of Edgewise Therapeutics saw a notable rise following successful results from its 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 of Edgewise with an Outperform rating, highlighting the potential of the company’s product portfolio, particularly Sevasemten and EDG-7500. Truist Securities maintained its Buy rating on Edgewise and increased its price target from $33.00 to $50.00, reflecting increased confidence in the company’s prospects.
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