Russell Alan J, Chief Scientific Officer of Edgewise Therapeutics, Inc. (NASDAQ: EWTX), recently launched a major stock sale. On December 30, 2024, Russell sold 100,000 shares of common stock, making approximately $2.74 million. Shares were traded at an average price of $27.37, with transactions occurring within a price range of $20.00 to $27.90. The transaction comes as EWTX shares have risen 147% over the past year, and the company maintains a strong balance sheet with a current 26.35.
This transaction was part of a trading plan previously established under Rule 10b5-1, which Russell adopted on September 30, 2024. After this sale, Russell's direct ownership stood at 14,863 shares. In addition, Russell exercised options to acquire 100,000 shares at a price of $0.18 per share, which were reissued that day. According to InvestingProanalysts maintain a bullish view on EWTX with price targets from $44 to $56, indicating the possibility of an increase at current levels. Subscribers can access in-depth trading analysis and 10+ additional ProTips through InvestingPro's comprehensive research reports.
In other recent news, Edgewise Therapeutics is making significant strides in its clinical trials and drug development. The biopharmaceutical company reported positive Phase 2 data from its Becker Muscular Dystrophy (BMD) trial, achieving statistical significance in its primary endpoint. Additionally, Edgewise Therapeutics' investigational drug EDG-5506 is projected to achieve adjusted worldwide revenue of $1.2 billion.
Truist Securities recently reiterated Buy on Edgewise, citing positive trial data as a key development. The company also confirmed compliance with FDA requirements amid a recent warning issued by a researcher unrelated to the company.
Shares of Edgewise Therapeutics have experienced significant gains following successful results from the Phase 2 CANYON trial. The trial tested the company's drug sevasemten in people with Becker muscular dystrophy and passed its primary endpoint.
Evercore ISI has launched coverage at Edgewise with the Advanced Edition, highlighting the company's pipeline capabilities, particularly the Sevasemten and EDG-7500. Truist Securities maintained a Buy rating on Edgewise and raised their target price from $33.00 to $50.00, indicating increased confidence in the company's outlook.
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