SpringWorks Therapeutics (NASDAQ:SWTX) Sets New 12-Month High – Here’s Why

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $61.11 and last traded at $60.16, with a volume of 538568 shares. The stock had previously closed at $55.73.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Guggenheim decreased their target price on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Evercore ISI boosted their price objective on shares of SpringWorks Therapeutics from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. HC Wainwright reaffirmed a “buy” rating and issued a $74.00 target price on shares of SpringWorks Therapeutics in a report on Wednesday, February 12th. Finally, Wedbush reissued an “outperform” rating and set a $77.00 price target on shares of SpringWorks Therapeutics in a research note on Monday, February 10th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, SpringWorks Therapeutics presently has an average rating of “Buy” and an average price target of $70.83.

SpringWorks Therapeutics Price Performance

The business’s 50-day simple moving average is $40.27 and its 200-day simple moving average is $37.31. The company has a market cap of $4.44 billion, a price-to-earnings ratio of -15.21 and a beta of 0.81.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its 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). SpringWorks Therapeutics had a negative net margin of 203.09% and a negative return on equity of 48.21%. As a group, sell-side analysts forecast that SpringWorks Therapeutics, Inc. will post -3.04 EPS for the current year.

Insider Transactions at SpringWorks Therapeutics

In other news, COO Badreddin Edris sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $41.97, for a total value of $839,400.00. Following the transaction, the chief operating officer now directly owns 209,600 shares in the company, valued at $8,796,912. This trade represents a 8.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Daniel Lynch sold 175,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $54.46, for a total transaction of $9,530,500.00. Following the sale, the director now directly owns 130,944 shares of the company’s stock, valued at approximately $7,131,210.24. This trade represents a 57.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 313,822 shares of company stock worth $16,802,876 over the last quarter. 7.61% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SpringWorks Therapeutics

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