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Kevin Koch, the President and CEO of Edgewise Therapeutics , Inc. (NASDAQ:EWTX), a biotechnology company with a market capitalization of $2.5 billion, recently executed a series of stock transactions, according to a Form 4 filing with the Securities and Exchange Commission. According to InvestingPro, the company maintains a "GOOD" overall financial health score. On February 5 and 6, Koch sold a total of 9,536 shares of common stock, generating approximately $287,315. The shares were sold at prices ranging from $30.0252 to $31.1311 per share, during a period when the stock has shown remarkable strength, gaining over 80% in the past six months. These sales were conducted under a pre-established Rule 10b5-1 trading plan, which was adopted on September 30, 2024. InvestingPro subscribers have access to 8 additional key insights about EWTX, including detailed analysis of its valuation metrics and growth prospects.
In addition to the sales, Koch acquired a total of 9,536 shares through option exercises at prices between $0.18 and $13.11. Following these transactions, Koch holds 14,478 shares directly. Additionally, he indirectly holds shares through various trusts and the KTK Family Enterprise, LLC. Investors should note that EWTX is scheduled to report its next earnings on February 20, 2025, which could provide crucial insights into the company’s performance.
In other recent news, biotech firm Edgewise Therapeutics has seen significant developments. The company recently promoted Behrad Derakhshan, Ph.D., to the role of Chief Operating Officer. Dr. Derakhshan, who has been with the company since 2020, will see his annual base salary increase from $478,400 to $520,000, and his target bonus will rise from 40% to 45% of his annual base salary starting in the 2025 fiscal year.
In addition to this, Edgewise Therapeutics welcomed Robert Blaustein, M.D., Ph.D., as Chief Development Officer. Dr. Blaustein, who has extensive experience in cardiovascular drug development, will lead the development of EDG-7500, a novel cardiac sarcomere modulator currently in Phase 2 development.
Analysts from Stifel initiated coverage of Edgewise Therapeutics with a Hold rating and set a price target of $30.00. The firm acknowledged the promising science behind the company’s two clinical-stage assets, EDG-7500 and sevasemten, but also recognized the risks and uncertainties associated with their development. Furthermore, Piper Sandler identified Edgewise Therapeutics as one of the companies with key Phase 2b readouts expected in 2025.
Edgewise Therapeutics also reported favorable Phase 2 data from its Becker Muscular Dystrophy (BMD) trial, resulting in a continued endorsement from Truist Securities with a reiterated Buy rating and a steady price target of $50.00. The company’s investigational drug EDG-5506, being developed for BMD and Duchenne Muscular Dystrophy, is projected to achieve adjusted global peak revenues of $1.2 billion. These are the latest developments in the company’s journey towards developing novel treatments for muscular dystrophies and serious cardiac conditions.
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