SpringWorks Therapeutics (NASDAQ:SWTX) Hits New 52-Week High - Here's What Happened

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $60.00 and last traded at $54.00, with a volume of 15996095 shares traded. The stock had previously closed at $40.28.

Analysts Set New Price Targets

Several brokerages recently issued reports on SWTX. Evercore ISI increased their price target on shares of SpringWorks Therapeutics from $60.00 to $65.00 and gave the stock an "outperform" rating in a research note on Wednesday. Guggenheim reduced their price objective 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. HC Wainwright restated a "buy" rating and set a $74.00 price objective on shares of SpringWorks Therapeutics in a research note on Wednesday. Finally, Wedbush restated an "outperform" rating and set a $77.00 price objective on shares of SpringWorks Therapeutics in a research note on Monday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, SpringWorks Therapeutics has an average rating of "Buy" and an average target price of $70.83.

SpringWorks Therapeutics Stock Performance

The business's fifty day moving average price is $39.03 and its 200-day moving average price is $36.71. The stock has a market cap of $4.27 billion, a PE ratio of -14.80 and a beta of 0.81.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.75) by $0.03. The firm had revenue of $49.10 million for the quarter, compared to the consensus estimate of $53.28 million. SpringWorks Therapeutics had a negative net margin of 203.09% and a negative return on equity of 48.21%. The business's quarterly revenue was up 4810.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.27) EPS. Analysts forecast that SpringWorks Therapeutics, Inc. will post -3.03 earnings per share for the current fiscal year.

Insider Activity

In other SpringWorks Therapeutics news, CEO Saqib Islam sold 48,000 shares of SpringWorks Therapeutics stock in a transaction that occurred on 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 of the company's stock, valued at $53,433,356.60. The trade was a 4.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Badreddin Edris sold 20,000 shares of SpringWorks Therapeutics stock in a transaction that occurred on 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 $8,796,912. This represents a 8.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 302,750 shares of company stock valued at $16,139,410 in the last 90 days. 7.61% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SpringWorks Therapeutics

Several large investors have recently added to or reduced their stakes in SWTX. Huntington National Bank raised its position in shares of SpringWorks Therapeutics by 38.2% during the fourth quarter. Huntington National Bank now owns 694 shares of the company's stock valued at $25,000 after buying an additional 192 shares during the last quarter. AlphaQuest LLC raised 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 valued at $36,000 after buying an additional 414 shares during the last quarter. Barclays PLC raised its position in shares of SpringWorks Therapeutics by 0.3% during the fourth quarter. Barclays PLC now owns 156,123 shares of the company's stock valued at $5,641,000 after buying an additional 447 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of SpringWorks Therapeutics by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company's stock valued at $87,000 after buying an additional 474 shares during the last quarter. Finally, Virtus ETF Advisers LLC raised its position in shares of SpringWorks Therapeutics by 7.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 9,037 shares of the company's stock valued at $327,000 after buying an additional 622 shares during the last quarter.

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.