SpringWorks Therapeutics (NASDAQ:SWTX) Trading Down 4.8% – What’s Next?

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s share price dropped 4.8% during mid-day trading on Monday . The stock traded as low as $49.09 and last traded at $48.67. Approximately 127,388 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,252,577 shares. The stock had previously closed at $51.14.

Analyst Ratings Changes

Several research firms have recently weighed in on SWTX. Wedbush reaffirmed an “outperform” rating and set a $81.00 price target on shares of SpringWorks Therapeutics in a research note on Thursday, February 20th. Guggenheim cut their price target on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research note on Wednesday, January 8th. Evercore ISI lifted their price objective 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 set a $74.00 target price on shares of SpringWorks Therapeutics in a research report on Friday, February 21st. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $73.20.

SpringWorks Therapeutics Stock Down 3.2 %

The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of -14.23 and a beta of 0.76. The business’s 50-day moving average is $45.77 and its two-hundred day moving average is $39.15.

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

Insider Activity at SpringWorks Therapeutics

In other SpringWorks Therapeutics news, CEO Saqib Islam sold 49,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $54.24, for a total value of $2,657,760.00. Following the sale, the chief executive officer now directly owns 954,869 shares of the company’s stock, valued at approximately $51,792,094.56. This trade represents a 4.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bhavesh Ashar sold 1,016 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $61.19, for a total value of $62,169.04. Following the sale, the insider now directly owns 62,053 shares of the company’s stock, valued at approximately $3,797,023.07. This trade represents a 1.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 440,766 shares of company stock valued at $24,402,956 in the last ninety days. Insiders own 7.61% of the company’s stock.

Hedge Funds Weigh In On SpringWorks Therapeutics

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

SpringWorks Therapeutics Company Profile

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.