Russell Alan J., Chief Scientific Officer, Edgewise Therapeutics, Inc. (NASDAQ:EWTX), recently executed a major stock sale. On December 30, 2024, Russell sold 100,000 shares of common stock, realizing approximately $2.74 million. Shares were sold at an average price of $27.37, with transactions occurring within a price range of $20.00 to $27.90. The deal comes as EWTX shares are up 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 predetermined Rule 10b5-1 trading plan, which Russell adopted on September 30, 2024. Following this sale, Russell's direct ownership will be 14,863 shares. In addition, Russell exercised options to acquire 100,000 shares at a price of $0.18 per share, which was also reported on the same date. according to InvestingProAnalysts maintain a bullish outlook on EWTX with price targets ranging from $44 to $56, indicating a 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 made major strides in its clinical trials and drug development. The biopharmaceutical company reported positive data for its phase 2 Becker muscular dystrophy (BMD) trial, achieving statistical significance at the primary endpoint. Additionally, Edgewise Therapeutics' investigational drug EDG-5506 is expected to achieve peak adjusted global revenues of $1.2 billion.
Truist Securities recently reiterated a Buy rating on Edgewise, citing positive trial data as an important development. The company also confirmed its compliance with FDA requirements amid a recent warning issued to a researcher not associated with the company.
Edgewise Therapeutics shares saw a significant increase following successful results from CANYON's phase 2 trial. The trial tested the company's drug sevasemten in individuals with Becker muscular dystrophy and met its primary endpoint.
Evercore ISI began coverage on Edgewise with an Outperform rating, highlighting the company's pipeline capabilities, particularly Sevasemten and EDG-7500. Truist Securities maintained a 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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