SpringWorks Therapeutics (NASDAQ:SWTX) Shares Gap Up – Here’s Why

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $53.41, but opened at $55.20. SpringWorks Therapeutics shares last traded at $55.33, with a volume of 606,994 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SWTX shares. HC Wainwright reiterated a “buy” rating and issued a $74.00 price target on shares of SpringWorks Therapeutics in a research note on Friday, February 21st. Guggenheim cut their target price on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a research report on Wednesday, January 8th. Evercore ISI boosted their price target on SpringWorks Therapeutics from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Finally, Wedbush reiterated an “outperform” rating and set a $81.00 price objective on shares of SpringWorks Therapeutics in a research note on Thursday, February 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $71.50.

SpringWorks Therapeutics Trading Up 8.1 %

The firm has a 50-day moving average of $42.53 and a two-hundred day moving average of $38.18. The firm has a market capitalization of $4.33 billion, a P/E ratio of -16.60 and a beta of 0.81.

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

Insiders Place Their Bets

In related news, CEO Saqib Islam sold 48,000 shares of SpringWorks Therapeutics stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 1,002,502 shares in the company, valued at $53,433,356.60. This trade represents a 4.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel Lynch sold 47,600 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $60.22, for a total transaction of $2,866,472.00. Following the completion of the transaction, the director now owns 82,944 shares of the company’s stock, valued at approximately $4,994,887.68. This trade represents a 36.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 391,766 shares of company stock valued at $21,499,996. 7.61% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SpringWorks Therapeutics

A number of hedge funds have recently modified their holdings of the business. Huntington National Bank raised its position in SpringWorks Therapeutics by 38.2% during the 4th quarter. Huntington National Bank now owns 694 shares of the company’s stock worth $25,000 after purchasing an additional 192 shares during the last quarter. AlphaQuest LLC increased its stake in shares of SpringWorks Therapeutics by 70.2% in the fourth quarter. AlphaQuest LLC now owns 1,004 shares of the company’s stock valued at $36,000 after buying an additional 414 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of SpringWorks Therapeutics in the fourth quarter valued at about $45,000. State of Wyoming raised its position in shares of SpringWorks Therapeutics by 39.5% during the fourth quarter. State of Wyoming now owns 1,530 shares of the company’s stock worth $55,000 after acquiring an additional 433 shares during the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in shares of SpringWorks Therapeutics in the fourth quarter worth approximately $56,000.

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.