SpringWorks Therapeutics (NASDAQ:SWTX) Shares Gap Up on Analyst Upgrade

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Get Free Report)'s stock price gapped up before the market opened on Wednesday after Evercore ISI raised their price target on the stock from $60.00 to $65.00. The stock had previously closed at $55.13, but opened at $57.51. Evercore ISI currently has an outperform rating on the stock. SpringWorks Therapeutics shares last traded at $57.12, with a volume of 782,541 shares trading hands.

A number of other equities research analysts have also recently issued reports on SWTX. HC Wainwright reiterated a "buy" rating and issued a $74.00 target price on shares of SpringWorks Therapeutics in a research note on Wednesday. Wedbush restated an "outperform" rating and issued a $77.00 target price on shares of SpringWorks Therapeutics in a research report on Monday, February 10th. Finally, Guggenheim decreased their target price 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. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $70.83.

Insider Buying and Selling

In other news, CEO Saqib Islam sold 48,000 shares of SpringWorks Therapeutics stock in a transaction on Monday, February 10th. The stock was 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 directly owns 1,002,502 shares in the company, valued at approximately $53,433,356.60. This trade represents a 4.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Badreddin Edris sold 20,000 shares of SpringWorks Therapeutics stock in a transaction on Tuesday, December 3rd. The shares were 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 ownership of the stock. 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 over the last quarter. Corporate insiders own 7.61% of the company's stock.

Institutional Investors Weigh In On SpringWorks Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Boxer Capital Management LLC acquired a new position in SpringWorks Therapeutics in the fourth quarter worth approximately $123,620,000. Soros Fund Management LLC grew its position in SpringWorks Therapeutics by 7.4% in the fourth quarter. Soros Fund Management LLC now owns 600,470 shares of the company's stock worth $21,695,000 after buying an additional 41,149 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of SpringWorks Therapeutics by 8.8% during the fourth quarter. Northern Trust Corp now owns 655,678 shares of the company's stock valued at $23,690,000 after purchasing an additional 52,908 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of SpringWorks Therapeutics by 42.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 407,683 shares of the company's stock valued at $14,730,000 after purchasing an additional 122,128 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of SpringWorks Therapeutics by 66.7% during the fourth quarter. Quarry LP now owns 10,000 shares of the company's stock valued at $361,000 after purchasing an additional 4,000 shares during the last quarter.

SpringWorks Therapeutics Price Performance

The firm has a market capitalization of $4.27 billion, a PE ratio of -14.80 and a beta of 0.81. The firm has a fifty day moving average price of $39.35 and a 200 day moving average price of $36.86.

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.