SpringWorks Therapeutics (NASDAQ:SWTX) Sees Strong Trading Volume

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) shares saw unusually-strong trading volume on Thursday . Approximately 759,786 shares changed hands during mid-day trading, a decline of 30% from the previous session’s volume of 1,085,049 shares.The stock last traded at $42.19 and had previously closed at $46.84.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SWTX shares. Barclays boosted their target price on shares of SpringWorks Therapeutics from $47.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Guggenheim started coverage on shares of SpringWorks Therapeutics in a report on Monday, February 5th. They issued a “buy” rating and a $75.00 target price on the stock. Wedbush restated an “outperform” rating and issued a $75.00 target price (up previously from $70.00) on shares of SpringWorks Therapeutics in a report on Thursday. JPMorgan Chase & Co. upped their target price on shares of SpringWorks Therapeutics from $73.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Finally, HC Wainwright upped their target price on shares of SpringWorks Therapeutics from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, SpringWorks Therapeutics presently has an average rating of “Buy” and an average price target of $68.83.

SpringWorks Therapeutics Price Performance

The stock’s 50-day simple moving average is $47.29 and its 200-day simple moving average is $38.39.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.17) by ($0.01). The business had revenue of $21.00 million for the quarter, compared to analyst estimates of $12.07 million. During the same period last year, the firm earned ($1.18) earnings per share. The business’s quarterly revenue was up 2000.0% compared to the same quarter last year. On average, equities analysts predict that SpringWorks Therapeutics, Inc. will post -4.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SpringWorks Therapeutics news, insider Daniel Pichl sold 15,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $50.10, for a total value of $751,500.00. Following the completion of the sale, the insider now directly owns 45,212 shares of the company’s stock, valued at approximately $2,265,121.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 7.61% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SWTX. TD Asset Management Inc grew its position in shares of SpringWorks Therapeutics by 122.1% during the 3rd quarter. TD Asset Management Inc now owns 138,832 shares of the company’s stock valued at $3,210,000 after acquiring an additional 76,316 shares during the period. Assetmark Inc. grew its position in shares of SpringWorks Therapeutics by 15.6% during the 3rd quarter. Assetmark Inc. now owns 10,814 shares of the company’s stock valued at $250,000 after acquiring an additional 1,461 shares during the period. Hennion & Walsh Asset Management Inc. boosted its holdings in SpringWorks Therapeutics by 7.8% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 33,260 shares of the company’s stock worth $769,000 after buying an additional 2,400 shares during the period. China Universal Asset Management Co. Ltd. boosted its holdings in SpringWorks Therapeutics by 96.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,612 shares of the company’s stock worth $37,000 after buying an additional 792 shares during the period. Finally, Teacher Retirement System of Texas boosted its holdings in SpringWorks Therapeutics by 4.7% in the 3rd quarter. Teacher Retirement System of Texas now owns 9,770 shares of the company’s stock worth $226,000 after buying an additional 441 shares during the period.

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.