SpringWorks Therapeutics (NASDAQ:SWTX) Reaches New 1-Year High - Here's Why

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $61.11 and last traded at $60.16, with a volume of 538568 shares changing hands. The stock had previously closed at $55.73.

Analyst Upgrades and Downgrades

SWTX has been the subject of several analyst reports. Wedbush restated an "outperform" rating and set a $81.00 target price on shares of SpringWorks Therapeutics in a research report on Thursday. Guggenheim decreased their price objective on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a "buy" rating for the company in a report on Wednesday, January 8th. HC Wainwright reiterated a "buy" rating and issued a $74.00 target price on shares of SpringWorks Therapeutics in a report on Friday. Finally, Evercore ISI lifted their price target on shares of SpringWorks Therapeutics from $60.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, SpringWorks Therapeutics presently has an average rating of "Buy" and a consensus price target of $71.50.

SpringWorks Therapeutics Stock Performance

The firm's fifty day simple moving average is $41.10 and its 200 day simple moving average is $37.64. The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of -15.02 and a beta of 0.81.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($1.04) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.38). The company had revenue of $61.55 million for the quarter, compared to analyst estimates of $60.53 million. SpringWorks Therapeutics had a negative return on equity of 48.21% and a negative net margin of 203.09%. Analysts forecast that SpringWorks Therapeutics, Inc. will post -3.17 earnings per share for the current year.

Insider Buying and Selling at SpringWorks Therapeutics

In other 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 value of $2,558,400.00. Following the sale, the chief executive officer now directly owns 1,002,502 shares in the company, valued at $53,433,356.60. This trade represents a 4.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Badreddin Edris sold 20,000 shares of the business's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $41.97, for a total transaction of $839,400.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders have sold 313,822 shares of company stock valued at $16,802,876 in the last 90 days. 7.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SpringWorks Therapeutics

Several hedge funds have recently modified their holdings of SWTX. Huntington National Bank boosted its position in 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 purchasing an additional 192 shares during the last quarter. AlphaQuest LLC raised its stake in shares of SpringWorks Therapeutics by 70.2% during the 4th quarter. AlphaQuest LLC now owns 1,004 shares of the company's stock worth $36,000 after purchasing an additional 414 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of SpringWorks Therapeutics in the 4th quarter valued at approximately $45,000. State of Wyoming grew its stake in shares of SpringWorks Therapeutics by 39.5% in the fourth quarter. State of Wyoming now owns 1,530 shares of the company's stock valued at $55,000 after buying an additional 433 shares in the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in SpringWorks Therapeutics during the fourth quarter worth $56,000.

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.