SpringWorks Therapeutics (NASDAQ:SWTX) Shares Down 7.6%

Posted by on Mar 12th, 2023

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX – Get Rating)’s stock price traded down 7.6% during mid-day trading on Friday . The company traded as low as $27.23 and last traded at $27.72. 247,425 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 669,930 shares. The stock had previously closed at $29.99.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. HC Wainwright upped their price objective on SpringWorks Therapeutics from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, March 7th. Bank of America assumed coverage on SpringWorks Therapeutics in a research note on Thursday, December 1st. They issued a “buy” rating and a $45.00 price objective for the company. Wedbush set a $45.00 price objective on SpringWorks Therapeutics in a research note on Thursday, November 24th. The Goldman Sachs Group upped their price target on SpringWorks Therapeutics from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, January 26th. Finally, JPMorgan Chase & Co. upped their price target on SpringWorks Therapeutics from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, March 7th. Five analysts have rated the stock with a buy rating, According to MarketBeat, SpringWorks Therapeutics has a consensus rating of “Buy” and a consensus price target of $59.40.

SpringWorks Therapeutics Stock Performance

The business has a fifty day moving average of $29.66 and a 200-day moving average of $26.94.

SpringWorks Therapeutics (NASDAQ:SWTX – Get Rating) last issued its quarterly earnings data on Tuesday, February 28th. The company reported ($1.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.18). During the same period last year, the firm earned ($1.15) earnings per share. As a group, analysts expect that SpringWorks Therapeutics, Inc. will post -5.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Daniel Pichl sold 858 shares of the stock in a transaction dated Thursday, January 26th. The stock was sold at an average price of $31.00, for a total transaction of $26,598.00. Following the sale, the insider now owns 35,203 shares of the company’s stock, valued at approximately $1,091,293. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 28.95% of the stock is currently owned by insiders.

Institutional Trading of SpringWorks Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC raised its holdings in shares of SpringWorks Therapeutics by 22.6% in the 2nd quarter. FMR LLC now owns 7,412,040 shares of the company’s stock valued at $182,484,000 after acquiring an additional 1,365,831 shares in the last quarter. High Net Worth Advisory Group LLC raised its holdings in shares of SpringWorks Therapeutics by 100.0% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 1,000 shares of the company’s stock valued at $29,000 after acquiring an additional 500 shares in the last quarter. ProShare Advisors LLC purchased a new stake in shares of SpringWorks Therapeutics in the 3rd quarter valued at about $227,000. Capital Fund Management S.A. purchased a new stake in shares of SpringWorks Therapeutics in the 3rd quarter valued at about $1,907,000. Finally, Occudo Quantitative Strategies LP purchased a new stake in shares of SpringWorks Therapeutics in the 2nd quarter valued at about $1,678,000.

SpringWorks Therapeutics Company Profile

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SpringWorks Therapeutics, Inc acquires, develops, and commercializes medicines for underserved patient populations suffering from rare diseases and cancer. Its lead product candidate is nirogacestat, an oral small molecule gamma secretase inhibitor that is in Phase III clinical trial for the treatment of desmoid tumors.

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