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

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Get Free Report) shares saw strong trading volume on Thursday . 1,343,134 shares were traded during trading, an increase of 10% from the previous session's volume of 1,223,366 shares.The stock last traded at $52.66 and had previously closed at $50.59.

Wall Street Analysts Forecast Growth

SWTX has been the subject of a number of research reports. Evercore ISI lifted their price objective on SpringWorks Therapeutics from $60.00 to $65.00 and gave the stock an "outperform" rating in a research 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 note on Friday, February 21st. Guggenheim dropped 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 note on Wednesday, January 8th. Finally, Wedbush restated an "outperform" rating and issued a $81.00 price objective on shares of SpringWorks Therapeutics in a report on Thursday, February 20th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $73.20.

SpringWorks Therapeutics Price Performance

The stock has a market cap of $3.63 billion, a price-to-earnings ratio of -13.92 and a beta of 0.76. The firm has a 50 day simple moving average of $44.65 and a two-hundred day simple moving average of $38.89.

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SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($1.04) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.38). The firm had revenue of $61.55 million during the quarter, compared to analyst estimates 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, sell-side analysts expect that SpringWorks Therapeutics, Inc. will post -2.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Saqib Islam sold 49,000 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $54.24, for a total transaction of $2,657,760.00. Following the sale, the chief executive officer now owns 954,869 shares of the company's stock, valued at $51,792,094.56. This trade represents a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Badreddin Edris sold 30,000 shares of SpringWorks Therapeutics stock in a transaction dated 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 transaction, the chief operating officer now owns 189,712 shares in the company, valued at $10,079,398.56. This trade represents a 13.65 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 440,766 shares of company stock worth $24,402,956. Company insiders own 7.61% of the company's stock.

Institutional Investors Weigh In On SpringWorks Therapeutics

Several large investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC boosted its stake in SpringWorks Therapeutics by 30.8% in the 4th quarter. Los Angeles Capital Management LLC now owns 61,760 shares of the company's stock worth $2,231,000 after purchasing an additional 14,548 shares during the period. Alpha DNA Investment Management LLC bought a new stake in shares of SpringWorks Therapeutics in the third quarter valued at about $411,000. Principal Financial Group Inc. boosted its position in shares of SpringWorks Therapeutics by 20.2% during the fourth quarter. Principal Financial Group Inc. now owns 1,103,858 shares of the company's stock worth $39,882,000 after buying an additional 185,413 shares during the period. Ally Bridge Group NY LLC acquired a new position in shares of SpringWorks Therapeutics during the third quarter worth about $7,296,000. Finally, AMI Asset Management Corp bought a new position in shares of SpringWorks Therapeutics during the fourth quarter worth about $1,438,000.

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.