SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) Short Interest Update

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Get Free Report) saw a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 7,110,000 shares, a drop of 22.0% from the February 13th total of 9,110,000 shares. Based on an average daily volume of 2,210,000 shares, the days-to-cover ratio is currently 3.2 days. Currently, 10.3% of the company's shares are sold short.

Insider Buying and Selling at SpringWorks Therapeutics

In related news, CEO Saqib Islam sold 49,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $54.24, for a total transaction of $2,657,760.00. Following the completion of the sale, the chief executive officer now owns 954,869 shares of the company's stock, valued at approximately $51,792,094.56. This represents a 4.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel Lynch sold 175,000 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $54.46, for a total transaction of $9,530,500.00. Following the completion of the transaction, the director now owns 130,944 shares in the company, valued at $7,131,210.24. The trade was a 57.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 440,766 shares of company stock worth $24,402,956 in the last quarter. 7.61% of the stock is owned by insiders.

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Institutional Investors Weigh In On SpringWorks Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Huntington National Bank grew its stake in SpringWorks Therapeutics by 38.2% in the fourth quarter. Huntington National Bank now owns 694 shares of the company's stock worth $25,000 after purchasing an additional 192 shares in the last quarter. AlphaQuest LLC increased its holdings in shares of 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 acquiring an additional 414 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in shares of SpringWorks Therapeutics in the 4th quarter valued at approximately $45,000. State of Wyoming lifted its stake in 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 purchasing an additional 433 shares during the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in SpringWorks Therapeutics in the fourth quarter worth $56,000.

SpringWorks Therapeutics Stock Down 2.3 %

Shares of SpringWorks Therapeutics stock traded down $1.19 during trading hours on Friday, hitting $49.89. 2,440,451 shares of the company's stock traded hands, compared to its average volume of 1,264,751. SpringWorks Therapeutics has a twelve month low of $28.21 and a twelve month high of $62.00. The stock has a 50 day simple moving average of $46.56 and a 200-day simple moving average of $39.42. The company has a market cap of $3.74 billion, a PE ratio of -14.34 and a beta of 0.76.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last issued its quarterly 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 return on equity of 46.74% and a negative net margin of 134.73%. The company had revenue of $61.55 million during the quarter, compared to the consensus estimate of $60.53 million. As a group, equities research analysts predict that SpringWorks Therapeutics will post -2.05 EPS for the current year.

Wall Street Analyst Weigh In

SWTX has been the topic of several recent research reports. Evercore ISI lifted their target price on shares of SpringWorks Therapeutics from $60.00 to $65.00 and gave the company 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 research report on Friday, February 21st. Wedbush reiterated an "outperform" rating and set a $81.00 target price on shares of SpringWorks Therapeutics in a report on Thursday, February 20th. Finally, Guggenheim reduced their price target on 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 analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $73.20.

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.