SpringWorks Therapeutics (NASDAQ:SWTX) Shares Down 4.8% – Here’s What Happened

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s stock price dropped 4.8% on Wednesday . The company traded as low as $34.98 and last traded at $34.61. Approximately 298,240 shares were traded during trading, a decline of 84% from the average daily volume of 1,917,930 shares. The stock had previously closed at $36.35.

Analysts Set New Price Targets

SWTX has been the subject of several recent analyst reports. Evercore ISI began coverage on shares of SpringWorks Therapeutics in a research note on Wednesday, November 20th. They set an “outperform” rating and a $60.00 price objective for the company. HC Wainwright dropped their price target on SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Guggenheim decreased their target price on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a research note on Wednesday, January 8th. Finally, Wedbush reiterated an “outperform” rating and issued a $77.00 price objective on shares of SpringWorks Therapeutics in a report on Monday, January 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $70.00.

SpringWorks Therapeutics Stock Performance

The stock has a market capitalization of $2.65 billion, a PE ratio of -9.16 and a beta of 0.82. The business’s 50-day moving average is $38.13 and its two-hundred day moving average is $36.31.

SpringWorks Therapeutics (NASDAQ:SWTX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.03. SpringWorks Therapeutics had a negative net margin of 203.09% and a negative return on equity of 48.21%. The company had revenue of $49.10 million during the quarter, compared to analyst estimates of $53.28 million. During the same quarter in the prior year, the business earned ($1.27) earnings per share. The business’s quarterly revenue was up 4810.0% compared to the same quarter last year. Equities analysts forecast that SpringWorks Therapeutics, Inc. will post -3.11 EPS for the current year.

Insiders Place Their Bets

In other news, COO Badreddin Edris sold 20,000 shares of SpringWorks Therapeutics stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $41.97, for a total value of $839,400.00. Following the completion of the sale, the chief operating officer now directly owns 209,600 shares of the company’s stock, valued at approximately $8,796,912. This trade represents a 8.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.61% of the company’s stock.

Hedge Funds Weigh In On SpringWorks Therapeutics

A number of large investors have recently bought and sold shares of the company. Profund Advisors LLC lifted its stake in SpringWorks Therapeutics by 1.3% in the 2nd quarter. Profund Advisors LLC now owns 29,048 shares of the company’s stock valued at $1,094,000 after purchasing an additional 362 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in SpringWorks Therapeutics by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock valued at $87,000 after purchasing an additional 474 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in shares of SpringWorks Therapeutics by 1.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 46,389 shares of the company’s stock worth $1,486,000 after acquiring an additional 871 shares during the period. KBC Group NV increased its holdings in shares of SpringWorks Therapeutics by 59.1% in the fourth quarter. KBC Group NV now owns 2,634 shares of the company’s stock worth $95,000 after purchasing an additional 978 shares during the period. Finally, Quarry LP lifted its holdings in shares of SpringWorks Therapeutics by 20.0% in the 3rd quarter. Quarry LP now owns 6,000 shares of the company’s stock worth $192,000 after acquiring an additional 1,000 shares during the last quarter.

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.