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

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) gapped down before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SWTX. Guggenheim dropped their target price on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Evercore ISI raised their price objective on SpringWorks Therapeutics from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Wedbush reissued an “outperform” rating and issued a $77.00 price objective on shares of SpringWorks Therapeutics in a research report on Monday, February 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $74.00 price objective on shares of SpringWorks Therapeutics in a research report on Wednesday, February 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $70.83.

SpringWorks Therapeutics Trading Down 2.0 %

The stock has a 50-day simple moving average of $39.66 and a 200 day simple moving average of $37.02. The company has a market cap of $4.19 billion, a price-to-earnings ratio of -14.51 and a beta of 0.81.

Insiders Place Their Bets

In related news, Director Daniel Lynch sold 175,000 shares of SpringWorks Therapeutics stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $54.46, for a total value of $9,530,500.00. Following the sale, the director now directly owns 130,944 shares in the company, valued at approximately $7,131,210.24. The trade was a 57.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Badreddin Edris sold 20,000 shares of the business’s stock in a transaction that occurred on 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. This represents a 8.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 302,750 shares of company stock valued at $16,139,410. 7.61% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SWTX. Huntington National Bank increased its position in shares of SpringWorks Therapeutics by 38.2% during the fourth quarter. Huntington National Bank now owns 694 shares of the company’s stock worth $25,000 after acquiring an additional 192 shares during the period. AlphaQuest LLC increased its position in shares of SpringWorks Therapeutics by 70.2% during the fourth quarter. AlphaQuest LLC now owns 1,004 shares of the company’s stock worth $36,000 after acquiring an additional 414 shares during the period. State of Wyoming increased its position in shares of SpringWorks Therapeutics by 39.5% during the fourth quarter. State of Wyoming now owns 1,530 shares of the company’s stock worth $55,000 after acquiring an additional 433 shares during the period. Barclays PLC increased its position in shares of SpringWorks Therapeutics by 0.3% during the fourth quarter. Barclays PLC now owns 156,123 shares of the company’s stock worth $5,641,000 after acquiring an additional 447 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of 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 acquiring an additional 474 shares during the period.

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.