SpringWorks Therapeutics (NASDAQ:SWTX) Trading 6.8% Higher - Here's Why

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Get Free Report)'s share price was up 6.8% on Tuesday . The company traded as high as $41.72 and last traded at $41.50. Approximately 1,097,974 shares traded hands during mid-day trading, an increase of 12% from the average daily volume of 982,610 shares. The stock had previously closed at $38.86.

Wall Street Analyst Weigh In

SWTX has been the topic of several research reports. HC Wainwright dropped their price objective on shares of SpringWorks Therapeutics from $76.00 to $74.00 and set a "buy" rating on the stock in a report on Tuesday, November 12th. Evercore ISI assumed coverage on SpringWorks Therapeutics in a report on Wednesday, November 20th. They set an "outperform" rating and a $60.00 price objective on the stock. Finally, Wedbush reaffirmed an "outperform" rating and issued a $77.00 target price on shares of SpringWorks Therapeutics in a research report on Monday, November 18th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $69.50.

SpringWorks Therapeutics Price Performance

The company has a market cap of $3.06 billion, a P/E ratio of -10.62 and a beta of 0.82. The business's 50 day moving average price is $36.95 and its 200-day moving average price is $36.30.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.72) EPS for the quarter, topping analysts' consensus estimates of ($0.75) by $0.03. SpringWorks Therapeutics had a negative return on equity of 48.21% and a negative net margin of 203.09%. The company had revenue of $49.10 million for the quarter, compared to analyst estimates of $53.28 million. During the same quarter in the previous year, the firm earned ($1.27) earnings per share. The business's revenue was up 4810.0% on a year-over-year basis. As a group, research analysts forecast that SpringWorks Therapeutics, Inc. will post -3.12 EPS for the current year.

Insiders Place Their Bets

In other news, COO Badreddin Edris sold 20,000 shares of the company'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 transaction, the chief operating officer now owns 209,600 shares of the company's stock, valued at $8,796,912. This represents a 8.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 7.61% of the company's stock.

Institutional Investors Weigh In On SpringWorks Therapeutics

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