SpringWorks Therapeutics (NASDAQ:SWTX) Stock Price Down 4.8% – Here’s Why

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) dropped 4.8% during mid-day trading on Wednesday . The company traded as low as $34.98 and last traded at $34.61. Approximately 298,240 shares were traded during trading, a decline of 84% from the average daily volume of 1,917,930 shares. The stock had previously closed at $36.35.

Analyst Ratings Changes

SWTX has been the topic of several research reports. Evercore ISI began coverage on shares of SpringWorks Therapeutics in a report on Wednesday, November 20th. They set an “outperform” rating and a $60.00 price objective on the stock. Wedbush reissued an “outperform” rating and issued a $77.00 price target on shares of SpringWorks Therapeutics in a research report on Monday, January 13th. HC Wainwright dropped 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. Finally, Guggenheim reduced their target price on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a report on Wednesday, January 8th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $70.00.

SpringWorks Therapeutics Stock Performance

The company has a 50 day moving average of $38.13 and a two-hundred day moving average of $36.30. The stock has a market capitalization of $2.69 billion, a PE ratio of -9.32 and a beta of 0.82.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share for the quarter, topping 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 business had revenue of $49.10 million during the quarter, compared to the consensus estimate of $53.28 million. During the same quarter last year, the company earned ($1.27) earnings per share. The company’s quarterly revenue was up 4810.0% on a year-over-year basis. As a group, research analysts predict that SpringWorks Therapeutics, Inc. will post -3.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Badreddin Edris sold 20,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief operating officer now owns 209,600 shares in the company, valued at $8,796,912. This trade represents a 8.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 7.61% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SWTX. Mirae Asset Global Investments Co. Ltd. lifted its holdings 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 purchasing an additional 474 shares during the period. KBC Group NV raised its position in SpringWorks Therapeutics by 59.1% during the 4th quarter. KBC Group NV now owns 2,634 shares of the company’s stock worth $95,000 after buying an additional 978 shares during the last quarter. Quantbot Technologies LP acquired a new stake in SpringWorks Therapeutics during the 3rd quarter valued at approximately $147,000. Quarry LP boosted its holdings in shares of SpringWorks Therapeutics by 56.3% in the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock valued at $188,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Park Avenue Securities LLC acquired a new stake in shares of SpringWorks Therapeutics in the fourth quarter worth $203,000.

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.