SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) Short Interest Update

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) saw a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 7,110,000 shares, a decrease of 22.0% from the February 13th total of 9,110,000 shares. Currently, 10.3% of the company’s shares are short sold. Based on an average daily volume of 2,210,000 shares, the days-to-cover ratio is currently 3.2 days.

SpringWorks Therapeutics Price Performance

Shares of SWTX stock traded down $0.38 on Tuesday, hitting $49.46. The stock had a trading volume of 397,107 shares, compared to its average volume of 1,252,987. SpringWorks Therapeutics has a 12-month low of $28.21 and a 12-month high of $62.00. The business has a 50 day moving average of $45.99 and a 200 day moving average of $39.21. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of -14.20 and a beta of 0.76.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its quarterly earnings data on Thursday, February 20th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.38). SpringWorks Therapeutics had a negative return on equity of 46.74% and a negative net margin of 134.73%. The company had revenue of $61.55 million for the quarter, compared to analysts’ expectations of $60.53 million. As a group, research analysts expect that SpringWorks Therapeutics will post -2.05 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Saqib Islam sold 49,000 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $54.24, for a total transaction of $2,657,760.00. Following the transaction, the chief executive officer now directly owns 954,869 shares of the company’s stock, valued at $51,792,094.56. This represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel Lynch sold 175,000 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $54.46, for a total transaction of $9,530,500.00. Following the transaction, the director now directly owns 130,944 shares in the company, valued at approximately $7,131,210.24. This represents a 57.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 440,766 shares of company stock valued at $24,402,956. 7.61% of the stock is currently owned by insiders.

Institutional Trading of SpringWorks Therapeutics

A number of large investors have recently added to or reduced their stakes in the stock. Huntington National Bank increased its holdings in 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 buying an additional 192 shares during the last quarter. AlphaQuest LLC boosted its position in 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 purchasing an additional 414 shares during the period. State of Wyoming boosted its position in 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 purchasing an additional 433 shares during the period. Barclays PLC boosted its position in 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 purchasing an additional 447 shares during the period. Finally, Virtus ETF Advisers LLC boosted its position in SpringWorks Therapeutics by 7.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 9,037 shares of the company’s stock worth $327,000 after purchasing an additional 622 shares during the period.

Analyst Ratings Changes

Several brokerages recently issued reports on SWTX. Guggenheim cut their target price on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research note on Wednesday, January 8th. Wedbush restated an “outperform” rating and set a $81.00 price objective on shares of SpringWorks Therapeutics in a report on Thursday, February 20th. Evercore ISI upped their price objective on shares of SpringWorks Therapeutics from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, HC Wainwright restated a “buy” rating and set a $74.00 price objective on shares of SpringWorks Therapeutics in a report on Friday, February 21st. Five research 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 target price of $73.20.

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.