SpringWorks Therapeutics (NASDAQ:SWTX) Shares Gap Down - Here's What Happened

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $43.00, but opened at $38.50. SpringWorks Therapeutics shares last traded at $36.06, with a volume of 460,938 shares changing hands.

Analyst Ratings Changes

Several research firms have weighed in on SWTX. HC Wainwright dropped their target price on shares of SpringWorks Therapeutics from $76.00 to $74.00 and set a "buy" rating on the stock in a research report on Tuesday, November 12th. Wedbush reissued an "outperform" rating and set a $77.00 price objective on shares of SpringWorks Therapeutics in a report on Monday. Evercore ISI initiated coverage on SpringWorks Therapeutics in a research note on Wednesday, November 20th. They issued an "outperform" rating and a $60.00 target price for the company. Finally, Guggenheim dropped their price target on SpringWorks Therapeutics from $80.00 to $78.00 and set a "buy" rating on the stock in a research note on Wednesday, January 8th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $70.00.

SpringWorks Therapeutics Stock Up 3.0 %

The business's 50-day moving average is $37.97 and its 200-day moving average is $36.40. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of -8.63 and a beta of 0.82.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.03. The firm had revenue of $49.10 million during the quarter, compared to analysts' expectations 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 revenue was up 4810.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.27) EPS. As a group, analysts expect that SpringWorks Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Buying and Selling at SpringWorks Therapeutics

In other SpringWorks Therapeutics news, COO Badreddin Edris sold 20,000 shares of the firm's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $41.97, for a total value of $839,400.00. Following the transaction, the chief operating officer now owns 209,600 shares in the company, valued at approximately $8,796,912. This trade represents a 8.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 7.61% of the company's stock.

Institutional Investors Weigh In On SpringWorks Therapeutics

A number of hedge funds have recently modified their holdings of SWTX. FMR LLC grew its stake in SpringWorks Therapeutics by 0.3% during the 3rd quarter. FMR LLC now owns 11,140,946 shares of the company's stock valued at $356,956,000 after acquiring an additional 28,555 shares in the last quarter. Maverick Capital Ltd. boosted its holdings in shares of SpringWorks Therapeutics by 6.8% during the 3rd quarter. Maverick Capital Ltd. now owns 2,778,348 shares of the company's stock worth $89,018,000 after purchasing an additional 177,824 shares during the last quarter. Geode Capital Management LLC grew its position in shares of SpringWorks Therapeutics by 7.0% in the third quarter. Geode Capital Management LLC now owns 1,670,247 shares of the company's stock valued at $53,526,000 after purchasing an additional 109,189 shares in the last quarter. Duquesne Family Office LLC acquired a new stake in shares of SpringWorks Therapeutics in the second quarter valued at approximately $38,475,000. Finally, Principal Financial Group Inc. lifted its position in SpringWorks Therapeutics by 102.5% during the third quarter. Principal Financial Group Inc. now owns 918,445 shares of the company's stock worth $29,427,000 after buying an additional 464,903 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.