SpringWorks Therapeutics (NASDAQ:SWTX) Shares Gap Down – What’s Next?

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) gapped down prior to trading on Tuesday . The stock had previously closed at $57.43, but opened at $55.80. SpringWorks Therapeutics shares last traded at $55.76, with a volume of 1,374,794 shares traded.

Analysts Set New Price Targets

A number of analysts recently commented on SWTX shares. Wedbush reiterated an “outperform” rating and issued a $77.00 target price on shares of SpringWorks Therapeutics in a report on Monday, February 10th. HC Wainwright restated a “buy” rating and set a $74.00 price target on shares of SpringWorks Therapeutics in a report on Wednesday, February 12th. Evercore ISI boosted their price target on shares of SpringWorks Therapeutics from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Guggenheim cut their price target on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $70.83.

SpringWorks Therapeutics Stock Performance

The stock has a market cap of $4.19 billion, a price-to-earnings ratio of -14.51 and a beta of 0.81. The company’s 50 day simple moving average is $39.66 and its two-hundred day simple moving average is $37.02.

Insiders Place Their Bets

In other SpringWorks Therapeutics news, COO Badreddin Edris sold 30,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief operating officer now directly owns 189,712 shares of the company’s stock, valued at $10,079,398.56. The trade was a 13.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Saqib Islam sold 48,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 1,002,502 shares of the company’s stock, valued at $53,433,356.60. This represents a 4.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 302,750 shares of company stock valued at $16,139,410 over the last ninety days. Corporate insiders own 7.61% of the company’s stock.

Institutional Trading of SpringWorks Therapeutics

Large investors have recently added to or reduced their stakes in the business. Huntington National Bank grew its position in SpringWorks Therapeutics by 38.2% in the fourth quarter. Huntington National Bank now owns 694 shares of the company’s stock worth $25,000 after acquiring an additional 192 shares in the last quarter. AlphaQuest LLC grew its stake in SpringWorks Therapeutics by 70.2% in the 4th quarter. AlphaQuest LLC now owns 1,004 shares of the company’s stock valued at $36,000 after buying an additional 414 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in SpringWorks Therapeutics in the 4th quarter valued at $45,000. State of Wyoming grew its stake in SpringWorks Therapeutics by 39.5% in the 4th quarter. State of Wyoming now owns 1,530 shares of the company’s stock valued at $55,000 after buying an additional 433 shares during the last quarter. Finally, KBC Group NV grew its stake in SpringWorks Therapeutics by 59.1% in the 4th quarter. KBC Group NV now owns 2,634 shares of the company’s stock valued at $95,000 after buying an additional 978 shares during the last quarter.

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.