Edgewise Therapeutics chief scientific officer sells $2.74 million in inventory

Russell Alan J, the Chief Scientific Officer of Edgewise Therapeutics, Inc. (NASDAQ:EWTX), not too long ago executed a major inventory sale. On December 30, 2024, Russell bought 100,000 shares of frequent inventory, producing roughly $2.74 million. The shares have been bought at a mean worth of $27.37, with transactions occurring inside a worth vary of $20.00 to $27.90. The transaction comes as EWTX shares have surged 147% over the previous yr, with the corporate sustaining a powerful stability sheet that includes a present ratio of 26.35.

This transaction was a part of a pre-established buying and selling plan beneath Rule 10b5-1, which Russell adopted on September 30, 2024. Following this sale, Russell’s direct possession stands at 14,863 shares. Moreover, Russell exercised choices to accumulate 100,000 shares at a worth of $0.18 per share, which have been additionally reported on the identical date. In accordance with InvestingPro, analysts preserve a bullish outlook on EWTX with worth targets starting from $44 to $56, suggesting potential upside from present ranges. Subscribers can entry detailed insider buying and selling evaluation and 10+ further ProTips by means of InvestingPro’s complete analysis reviews.

In different current information, Edgewise Therapeutics has been making important strides in its scientific trials and drug improvement. The biopharmaceutical firm reported favorable Section 2 information from its Becker Muscular Dystrophy (BMD) trial, attaining statistical significance on its major endpoint. Moreover, Edgewise Therapeutics’ investigational drug EDG-5506 is projected to attain adjusted international peak revenues of $1.2 billion.

Truist Securities not too long ago reiterated a Purchase ranking on Edgewise, citing the constructive trial information as a major improvement. The corporate additionally confirmed its compliance with FDA necessities amidst a current warning issued to a researcher not related to the corporate.

Edgewise Therapeutics shares skilled a notable enhance following profitable outcomes from its Section 2 CANYON trial. The trial examined the corporate’s drug sevasemten on people with Becker muscular dystrophy and achieved its major endpoint.

Evercore ISI initiated protection on Edgewise with an Outperform ranking, highlighting the potential of the corporate’s pipeline, notably Sevasemten and EDG-7500. Truist Securities maintained its Purchase ranking for Edgewise and elevated its worth goal from $33.00 to $50.00, reflecting elevated confidence within the firm’s prospects.

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