SpringWorks Therapeutics (NASDAQ:SWTX) Shares Gap Down – Here’s What Happened

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s share price gapped down prior to trading on Monday . The stock had previously closed at $43.00, but opened at $38.50. SpringWorks Therapeutics shares last traded at $36.06, with a volume of 460,938 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wedbush reaffirmed an “outperform” rating and set a $77.00 price target on shares of SpringWorks Therapeutics in a research note on Monday, November 18th. Guggenheim cut their price objective on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a research report on Wednesday, January 8th. Evercore ISI initiated coverage on SpringWorks Therapeutics in a report on Wednesday, November 20th. They set an “outperform” rating and a $60.00 target price on the stock. Finally, HC Wainwright reduced their price objective on SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $70.00.

SpringWorks Therapeutics Stock Performance

The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -9.48 and a beta of 0.82. The company has a fifty day simple moving average of $37.83 and a two-hundred day simple moving average of $36.44.

SpringWorks Therapeutics (NASDAQ:SWTX) last released its earnings results on Tuesday, November 12th. The company reported ($0.72) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $49.10 million during the quarter, compared to analyst estimates of $53.28 million. During the same period in the prior year, the firm posted ($1.27) earnings per share. The business’s quarterly revenue was up 4810.0% compared to the same quarter last year. As a group, analysts expect that SpringWorks Therapeutics, Inc. will post -3.12 EPS for the current year.

Insiders Place Their Bets

In related news, COO Badreddin Edris sold 20,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was 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. The trade was a 8.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.61% of the stock is currently owned by insiders.

Institutional Trading of SpringWorks Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in SpringWorks Therapeutics by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock worth $87,000 after purchasing an additional 474 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of SpringWorks Therapeutics in the 3rd quarter valued at about $147,000. Quarry LP raised its stake in SpringWorks Therapeutics by 56.3% during the second quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $188,000 after acquiring an additional 1,800 shares during the period. Commerce Bank acquired a new stake in shares of SpringWorks Therapeutics during the 3rd quarter worth approximately $207,000. Finally, GSA Capital Partners LLP bought a new stake in shares of SpringWorks Therapeutics in the 3rd quarter worth approximately $209,000.

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.