SpringWorks Therapeutics (NASDAQ:SWTX) Sees Large Volume Increase – What’s Next?

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) saw unusually-high trading volume on Thursday . Approximately 1,343,134 shares were traded during trading, an increase of 10% from the previous session’s volume of 1,223,366 shares.The stock last traded at $52.66 and had previously closed at $50.59.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Guggenheim reduced their target price on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Wedbush reissued an “outperform” rating and issued a $81.00 price objective on shares of SpringWorks Therapeutics in a research report on Thursday, February 20th. Evercore ISI raised their target price on shares of SpringWorks Therapeutics from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $74.00 target price on shares of SpringWorks Therapeutics in a research note on Friday, February 21st. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $73.20.

SpringWorks Therapeutics Trading Up 2.0 %

The company has a market cap of $3.87 billion, a price-to-earnings ratio of -14.82 and a beta of 0.76. The stock’s 50 day moving average price is $43.86 and its 200 day moving average price is $38.66.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.38). The firm had revenue of $61.55 million for the quarter, compared to analysts’ expectations of $60.53 million. SpringWorks Therapeutics had a negative net margin of 134.73% and a negative return on equity of 46.74%. On average, equities analysts expect that SpringWorks Therapeutics, Inc. will post -2.05 earnings per share for the current fiscal year.

Insider Activity at SpringWorks Therapeutics

In related news, CEO Saqib Islam sold 48,000 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $53.30, for a total transaction of $2,558,400.00. Following the completion of the sale, the chief executive officer now directly owns 1,002,502 shares of the company’s stock, valued at approximately $53,433,356.60. This represents a 4.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Badreddin Edris sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $54.23, for a total value of $1,084,600.00. Following the completion of the transaction, the chief operating officer now directly owns 169,712 shares in the company, valued at $9,203,481.76. This trade represents a 10.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 440,766 shares of company stock worth $24,402,956. Company insiders own 7.61% of the company’s stock.

Institutional Investors Weigh In On SpringWorks Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of SWTX. Los Angeles Capital Management LLC raised its holdings in shares of SpringWorks Therapeutics by 30.8% during the 4th quarter. Los Angeles Capital Management LLC now owns 61,760 shares of the company’s stock valued at $2,231,000 after buying an additional 14,548 shares during the period. Alpha DNA Investment Management LLC purchased a new stake in shares of SpringWorks Therapeutics during the third quarter valued at approximately $411,000. Principal Financial Group Inc. lifted its position in shares of SpringWorks Therapeutics by 20.2% during the fourth quarter. Principal Financial Group Inc. now owns 1,103,858 shares of the company’s stock worth $39,882,000 after purchasing an additional 185,413 shares in the last quarter. Ally Bridge Group NY LLC purchased a new position in shares of SpringWorks Therapeutics in the third quarter valued at $7,296,000. Finally, AMI Asset Management Corp purchased a new position in shares of SpringWorks Therapeutics in the fourth quarter valued at $1,438,000.

About SpringWorks Therapeutics

SpringWorks Therapeutics, Inc, a commercial-stage biopharmaceutical company, engages in the development and commercialization of medicines for underserved patient populations suffering from rare diseases and cancer. Its lead product candidate is OGSIVEO (nirogacestat), an oral small molecule gamma secretase inhibitor that is in Phase III DeFi trial for the treatment of desmoid tumors; and Nirogacestat, is also in Phase 2 clinical development as a monotherapy for the treatment of ovarian granulosa cell tumors (GCT), a subtype of ovarian cancer.