Edgewise Therapeutics , Inc., a biotechnology company specializing in pharmaceutical preparations, announced the promotion of Behrad Derakhshan, Ph.D., to Chief Operating Officer effective January 8, 2025. The Boulder-based company, which operates under the trading symbol (NASDAQ:EWTX), disclosed the executive change in a recent SEC filing.
The company, with a market capitalization of $2.59 billion, has shown impressive momentum with a 76% return over the past year. According to InvestingPro analysis, the stock is currently trading near its Fair Value, maintaining a Fair financial health rating despite ongoing profitability challenges.
Dr. Derakhshan, 45, has been with Edgewise Therapeutics since September 2020, serving as the Chief Business Officer. His experience spans various leadership roles in the biotech industry, including positions at VectivBio and Therachon, the latter being acquired by Pfizer Inc. (NYSE:PFE) in 2019. His career also includes tenure in management consulting, with a focus on business development and strategic evaluation.
With the new appointment, Dr. Derakhshan's annual base salary will increase from $478,400 to $520,000, and his target bonus will rise from 40% to 45% of his annual base salary starting in the 2025 fiscal year. The company's board of directors confirmed the promotion, which was part of a planned leadership transition.
Dr. Derakhshan's educational background includes a Ph.D. in Biochemistry from a joint program between Weill Cornell Medicine, New York, and the University of Surrey, UK. He also completed postdoctoral training at the Yale School of Medicine and received a First-Class Honors BSc. with distinction in Biochemistry from the University of Surrey.
The company stated that there are no familial relationships between Dr. Derakhshan and any director or executive officer of Edgewise Therapeutics. Furthermore, there are no arrangements or understandings between Dr. Derakhshan and any other persons that led to his appointment as Chief Operating Officer.
This leadership change is part of Edgewise Therapeutics' ongoing efforts to strengthen its executive team as it continues to focus on the development of therapies for rare diseases.
InvestingPro data reveals the company maintains a strong balance sheet with more cash than debt and excellent liquidity, with current assets significantly exceeding short-term obligations. While four analysts have recently revised their earnings expectations downward, detailed financial analysis and additional insights are available in the comprehensive Pro Research Report, which provides deep-dive analysis of EWTX and 1,400+ other US stocks. The information regarding Dr. Derakhshan's appointment is based on a press release statement filed with the SEC.
In other recent news, Edgewise Therapeutics has reported positive results from its Phase 2 CANYON trial, which tested its drug sevasemten on individuals with Becker muscular dystrophy.
Analyst firm Stifel has initiated coverage of Edgewise with a Hold rating and a $30 target, noting the potential of its clinical-stage assets, EDG-7500 and sevasemten. Truist Securities has reiterated a Buy rating on the company following the successful trial results.
In addition, Piper Sandler has identified Edgewise as one of several companies with key Phase 2b readouts expected in 2025. These recent developments emphasize the active role Edgewise Therapeutics is playing in the biotechnology sector, particularly in the development of therapies for serious, rare muscle disorders.
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