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Behrad Derakhshan, the Chief Business Officer of Edgewise Therapeutics , Inc. (NASDAQ:EWTX), recently sold 10,000 shares of the company’s common stock. The shares were sold at an average price of $30.03 each, amounting to a total transaction value of $300,300. This sale was conducted under a Rule 10b5-1 Plan, which Derakhshan adopted on September 30, 2024. The transaction comes amid the company’s impressive 80% stock price surge over the past six months, with InvestingPro data showing analyst price targets ranging from $30 to $56.
In a related transaction on the same day, Derakhshan acquired 10,000 shares through stock options at an exercise price of $1.93 per share, totaling $19,300. Following these transactions, Derakhshan holds 16,837 shares of Edgewise Therapeutics directly. The $2.51 billion market cap company maintains strong financial health, with InvestingPro analysis showing a robust current ratio of 26.35.
The transactions were part of a planned strategy to manage Derakhshan’s holdings in the company while adhering to regulatory compliance. With earnings scheduled for February 20, investors seeking deeper insights into insider trading patterns and comprehensive analysis can access the full Pro Research Report on InvestingPro.
In other recent news, Edgewise Therapeutics, Inc., a biotechnology company, announced significant executive changes and favorable Phase 2 data from its Becker Muscular Dystrophy (BMD) trial. Behrad Derakhshan, Ph.D., has been promoted to Chief Operating Officer, and Robert Blaustein, M.D., Ph.D., has been appointed as Chief Development Officer. These changes are part of the company’s ongoing efforts to strengthen its executive team and bolster its late-stage clinical development efforts.
On the financial front, Stifel analysts initiated coverage of Edgewise with a Hold rating and set a price target of $30.00, while Truist Securities reiterated a Buy rating and a steady price target of $50.00. Both firms have acknowledged the potential of the company’s clinical-stage assets, EDG-7500 and sevasemten, but also highlighted the significant risks and uncertainties associated with their development.
Piper Sandler, a leading investment bank, identified Edgewise Therapeutics among several companies with key Phase 2b readouts expected in 2025. This recognition comes at a time when investors are closely monitoring the progress of the company’s clinical trials. These are recent developments in the company’s journey towards developing novel treatments for muscular dystrophies and serious cardiac conditions.
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