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Russell Alan J, the Chief Scientific Officer at Edgewise Therapeutics , Inc. (NASDAQ:EWTX), recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. On March 7, Russell sold 200 shares at an average price of $30.02, totaling $6,004. This transaction was conducted under a pre-arranged trading plan, as noted in the filing. The sale comes as EWTX shares have shown strong momentum, gaining over 12% in the past week and trading near $27.40. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
In addition to the sale, Russell exercised stock options to acquire 200 shares at a price of $0.18 each, bringing the total value of this acquisition to $36. After these transactions, Russell holds 14,863 shares of Edgewise Therapeutics. The company maintains a strong financial position, with InvestingPro data showing more cash than debt on its balance sheet and a healthy current ratio of 19.93.
The sales were part of a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan for selling stocks, providing an affirmative defense against accusations of insider trading. Get access to more detailed insider trading analysis and 11 additional key insights about EWTX through InvestingPro’s comprehensive research reports.
In other recent news, Edgewise Therapeutics has been the focus of several analyst reports and company announcements. Piper Sandler reiterated an Overweight rating with a $51 price target, highlighting upcoming milestones such as the 28-day EDG-7500 data release. This data is expected to provide insights into various measures for patients with hypertrophic cardiomyopathy. Scotiabank (TSX:BNS) initiated coverage on Edgewise Therapeutics with a Sector Outperform rating and a $50 price target, citing the company’s progress toward commercialization and the potential of its drug candidates, including sevasemten and EDG-7500, for significant market impact. JPMorgan also adjusted its price target for the company, raising it to $45, while maintaining an Overweight rating due to optimism around the phase 2 CIRRUS-HCM study results.
Additionally, Edgewise Therapeutics has made significant changes to its executive team. 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 appointments are part of the company’s strategy to strengthen its late-stage clinical development efforts. The company continues to focus on developing therapies for serious muscle diseases, with ongoing trials for EDG-7500 and sevasemten. These recent developments underscore Edgewise Therapeutics’ commitment to advancing its pipeline and preparing for commercial readiness.
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