Last week, three more than 10% owners of Edgewise Therapeutics (NASDAQ:EWTX), A S Novo, Orbimed Advisors LLC, and Peter A. Thompson, bought the company’s shares worth $15 million ($5million each) at $10.32 per share.
Shares of EWTX closed almost 5% higher on September 16 and were trading another 2% higher in the pre-market trading session today.
A snapshot of the transactions mentioned above is provided below.
Overall, TipRanks’ Insider Trading Tool shows that corporate insiders at Edgewise Therapeutics have bought the company’s stock worth $15 million in the last three months.
Interestingly, TipRanks also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
What Does Edgewise Therapeutics Do?
Headquartered in Colorado, Edgewise Therapeutics is a clinical-stage biopharmaceutical company. It is focused on the discovery, development, and commercialization of innovative treatments for severe and rare muscle disorders.
On September 16, the company completed its secondary public offering of 13.37 million shares of its common stock at $10.32 per share. The total gross proceeds from the offering, excluding expenses, stood at $138 million.
Wall Street’s Take on Edgewise Therapeutics
According to TipRanks, which also provides a comprehensive list of daily insider transactions, EWTX stock carries a Moderate Buy consensus rating based on two Buys and one Sell. EWTX’s average price target of $18 implies upside potential of 87.89%.
Concluding Thoughts
The hefty insider buying comes almost a fortnight after the company received FDA approval for the Phase 2 trial of its experimental drug, EDG-5506, for children with Duchenne Muscular Dystrophy or DMD.
DMD is a rare degenerative neuromuscular disorder that causes severe progressive muscle loss and premature death. The recent insiders’ activity shows that they are clearly bullish about the company’s prospects.
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