# Edgewise Therapeutics, Inc. (EWTX)

> Source: Nexqual · https://nexqual.com/EWTX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Edgewise Therapeutics, Inc. (EWTX), nexqual.com/EWTX" · informational, not investment advice.

**Price:** USD 39.99 (+0.86% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 39.65 · day 38.36–40.69 · 52w 15.02–48.51 · market cap $4.34B · NMS

## Key facts
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $11.9M; 4 not under a Rule 10b5-1 plan ($1.5M); 0 by opportunistic insiders, 7 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.93 on a 1–5 scale) (14 analysts), mean target USD 52.62 (range 36–66).
- Total return with dividends: 1Y +164.8% vs S&P 500 +14.9%; 5Y +139.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.51, revenue estimate $119M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$43.2M | -$71.7M | -$114M | -$159M | -$191M | -$219M |
| Net income | -$42.8M | -$67.6M | -$100M | -$134M | -$168M | -$197M |
| EPS (diluted) | -$1.14 | -$1.26 | -$1.57 | -$1.45 | -$1.63 | — |
| Free cash flow | -$34.2M | -$58.2M | -$97.7M | -$110M | -$144M | -$159M |
| Cash + short-term investments | $15.6M | $22.0M | $86.1M | $41.7M | $61.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 9.7x · FCF yield -3.66% · Earnings yield -4.54%

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-12…2026-08-13 | Donovan Joanne M. | CMO | 9,441 | $413K | 52.3% | Yes (adopted December 26, 2025) | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-08-12 | Russell Alan J | Chief Scientific Officer | 5,901 | $258K | 15.8% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-08-12 | Moore John R | General Counsel | 5,016 | $220K | 22.1% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-08-12 | Derakhshan Behrad | Chief Business Officer | 5,100 | $223K | 13.8% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-08-12 | Koch Kevin | President and CEO | 17,971 | $785K | 25.5% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Russell Alan J | Chief Scientific Officer | 200,000 | $7.9M | 89.1% | Yes | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-05-04…2026-05-05 | Donovan Joanne M. | CMO | 55,230 | $2.1M | 92.7% | Yes (adopted December 26, 2025) | Routine (sold in May each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.93 on a 1–5 scale), 14 analysts; mean target USD 52.62 (low 36, high 66).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | William Blair | Initiated | Outperform |  |
| 2026-09-21 | HC Wainwright & Co. | Target raised | Buy | $45 → $57 |
| 2026-08-20 | JP Morgan | Target raised | Overweight | $53 → $60 |
| 2026-08-11 | Goldman Sachs | Target raised | Neutral | $32 → $36 |
| 2026-07-20 | Evercore ISI Group | Target raised | Outperform | $45 → $55 |
| 2026-07-09 | Oppenheimer | Initiated | Outperform | $51 |
| 2026-07-06 | Guggenheim | Target raised | Buy | $41 → $51 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +164.8% | +139.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +165.7% | +19.0% |
| Volatility (annualized) | 72.2% | 78.1% |
| Max drawdown | -25.0% (Jul 2026→Oct 2026) | -73.0% (Nov 2021→Nov 2023) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/EWTX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EWTX's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1710072/000110465926020112/ewtx-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Federal Deposit Insurance | "For example, on March 10, 2023, Silicon Valley Bank (SVB), where we maintain certain operating accounts, was placed into receivership with the Federal Deposit Insurance Corporation (FDIC), which resulted in all funds hel…" |
| Partner | Leerink Partners | "We additionally filed a prospectus supplement to the shelf registration statement and entered into a sales agreement with Leerink Partners LLC (Leerink Sales Agreement) on May 10, 2024, under which we may offer and sell …" |
| Partner | BofA Securities | "On June 16, 2023, we entered into a Sales Agreement with BofA Securities under which we may offer and sell shares of common stock, having aggregate sales proceeds of up to $125,000,000 from time to time, through an ATM P…" |

## Company outlook (8-K filed 2026-08-06)

- "The company expects to initiate a Phase 3 trial in the fourth quarter of 2026."
- "The company expects to initiate a Phase 2 trial in participants with heart failure with preserved ejection fraction (HFpEF) in the second half of 2026."
- "These forward-looking statements are made as of the date of this press release, and Edgewise assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law ."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.51 | $1.13 | +121.9% | $119.2M | 11 |
| Next quarter (ends 2026-12-31) | $-0.39 | $-0.31 | +23.5% | $9.6M | 13 |
| Current fiscal year (ends 2026-12-31) | $2.27 | $-0.23 | -1070.8% | $128.8M | 11 |
| Next fiscal year (ends 2027-12-31) | $-1.77 | $-1.47 | +20.4% | $39.2M | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±17.4%; last 8 reports averaged ±3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 77.5% | ±17.4% |
| 2026-12-18 | 56 | 74.0% | ±23.1% |
| 2027-01-15 | 84 | 69.7% | ±26.5% |
| 2027-02-19 | 119 | 65.5% | ±29.5% |
| 2027-03-19 | 147 | 67.1% | ±33.5% |
| 2027-05-21 | 210 | 64.0% | ±38.1% |