SpringWorks Therapeutics (NASDAQ:SWTX) Sees Unusually-High Trading Volume - Here's What Happened

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Get Free Report) saw strong trading volume on Friday . 1,088,379 shares changed hands during mid-day trading, a decline of 24% from the previous session's volume of 1,439,712 shares.The stock last traded at $44.62 and had previously closed at $44.93.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Guggenheim reduced their price target on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a "buy" rating for the company in a research report on Wednesday, January 8th. HC Wainwright restated a "buy" rating and issued a $74.00 price objective on shares of SpringWorks Therapeutics in a report on Friday, February 21st. Wedbush restated an "outperform" rating and issued a $81.00 price objective on shares of SpringWorks Therapeutics in a report on Thursday, February 20th. Finally, Evercore ISI increased their price objective on SpringWorks Therapeutics from $60.00 to $65.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, SpringWorks Therapeutics presently has a consensus rating of "Buy" and a consensus target price of $73.20.

SpringWorks Therapeutics Price Performance

The firm has a fifty day simple moving average of $46.20 and a 200 day simple moving average of $40.64. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -12.85 and a beta of 0.79.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last announced 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). SpringWorks Therapeutics had a negative net margin of 134.73% and a negative return on equity of 46.74%. The company had revenue of $61.55 million for the quarter, compared to analyst estimates of $60.53 million. Analysts expect that SpringWorks Therapeutics, Inc. will post -2.05 earnings per share for the current year.

Insider Buying and Selling at SpringWorks Therapeutics

In other news, COO Badreddin Edris sold 30,000 shares of the firm's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $53.13, for a total value of $1,593,900.00. Following the sale, the chief operating officer now owns 189,712 shares in the company, valued at approximately $10,079,398.56. This trade represents a 13.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel Lynch sold 175,000 shares of the firm's stock in a transaction 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 completion of the sale, the director now owns 130,944 shares in the company, valued at approximately $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 over the last 90 days. Insiders own 7.83% of the company's stock.

Institutional Investors Weigh In On SpringWorks Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Boxer Capital Management LLC acquired a new position in shares of SpringWorks Therapeutics in the 4th quarter valued at $123,620,000. Capital International Investors boosted its position in shares of SpringWorks Therapeutics by 92.7% during the 4th quarter. Capital International Investors now owns 2,361,746 shares of the company's stock valued at $85,330,000 after acquiring an additional 1,136,079 shares in the last quarter. Pictet Asset Management Holding SA boosted its position in shares of SpringWorks Therapeutics by 24.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,391,412 shares of the company's stock valued at $86,402,000 after acquiring an additional 465,494 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of SpringWorks Therapeutics by 102.5% during the 3rd quarter. Principal Financial Group Inc. now owns 918,445 shares of the company's stock valued at $29,427,000 after acquiring an additional 464,903 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of SpringWorks Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 7,158,871 shares of the company's stock valued at $258,650,000 after acquiring an additional 445,593 shares in 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.