SpringWorks Therapeutics (NASDAQ:SWTX) Shares Gap Up – What’s Next?

Shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) gapped up prior to trading 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.

Wall Street Analyst Weigh In

SWTX has been the topic of several research analyst reports. Wedbush reiterated an “outperform” rating and issued a $81.00 price target on shares of SpringWorks Therapeutics in a research note on Thursday, February 20th. Evercore ISI upped their target price on shares of SpringWorks Therapeutics from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. HC Wainwright restated a “buy” rating and set a $74.00 target price on shares of SpringWorks Therapeutics in a research report on Friday, February 21st. Finally, 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. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, SpringWorks Therapeutics presently has a consensus rating of “Buy” and an average target price of $73.20.

SpringWorks Therapeutics Trading Up 8.1 %

The firm’s 50-day moving average price is $42.97 and its 200-day moving average price is $38.33. The stock has a market capitalization of $4.33 billion, a PE ratio of -16.60 and a beta of 0.81.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($1.04) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.38). The firm had revenue of $61.55 million for the quarter, compared to the consensus estimate 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 research analysts predict that SpringWorks Therapeutics, Inc. will post -2.05 earnings per share for the current fiscal year.

Insider Activity at SpringWorks Therapeutics

In related news, COO Badreddin Edris sold 20,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $41.97, for a total transaction of $839,400.00. Following the transaction, the chief operating officer now directly owns 209,600 shares in the company, valued at approximately $8,796,912. This represents a 8.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Saqib Islam sold 48,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,002,502 shares in the company, valued at $53,433,356.60. The trade was a 4.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 391,766 shares of company stock worth $21,499,996. Insiders own 7.61% of the company’s stock.

Hedge Funds Weigh In On SpringWorks Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Creative Planning bought a new position in SpringWorks Therapeutics in the 3rd quarter worth about $254,000. Mirae Asset Global Investments Co. Ltd. grew its stake in SpringWorks Therapeutics by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock worth $87,000 after acquiring an additional 474 shares in the last quarter. Principal Financial Group Inc. grew its stake in SpringWorks Therapeutics by 102.5% in the 3rd quarter. Principal Financial Group Inc. now owns 918,445 shares of the company’s stock worth $29,427,000 after acquiring an additional 464,903 shares in the last quarter. Assetmark Inc. grew its stake in SpringWorks Therapeutics by 13.7% in the 3rd quarter. Assetmark Inc. now owns 46,020 shares of the company’s stock worth $1,474,000 after acquiring an additional 5,546 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew its stake in SpringWorks Therapeutics by 1.9% in the 3rd 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 in 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.