Russell Alan J, the Chief Scientific Officer of Edgewise Therapeutics, Inc. (NASDAQ:EWTX), recently executed a significant stock sale. On December 30, 2024, Russell sold 100,000 shares of common stock, generating approximately $2.74 million. The shares were 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 surged 147% over the past year, with the company maintaining a strong balance sheet featuring a current ratio of 26.35.
This transaction was part of a pre-established trading plan under Rule 10b5-1, which Russell adopted on September 30, 2024. Following this sale, Russell’s direct ownership stands at 14,863 shares. Additionally, Russell exercised options to acquire 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 on EWTX with price targets ranging from $44 to $56, suggesting potential upside from current levels. Subscribers can access detailed insider trading analysis and 10+ additional ProTips through InvestingPro’s comprehensive research reports.
In other recent news, Edgewise Therapeutics has been 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 on its primary endpoint. Additionally, Edgewise Therapeutics’ investigational drug EDG-5506 is projected to achieve adjusted global peak revenues of $1.2 billion.
Truist Securities recently reiterated a Buy rating on Edgewise, citing the positive trial data as a significant development. The company also confirmed its compliance with FDA requirements amidst a recent warning issued to a researcher not associated with the company.
Edgewise Therapeutics shares experienced a notable increase following successful results from its Phase 2 CANYON trial. The trial tested the company’s drug sevasemten on individuals with Becker muscular dystrophy and achieved its primary endpoint.
Evercore ISI initiated coverage on Edgewise with an Outperform rating, highlighting the potential of the company’s pipeline, particularly Sevasemten and EDG-7500. Truist Securities maintained its Buy rating for Edgewise and increased its price target from $33.00 to $50.00, reflecting increased confidence in the company’s prospects.
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