Short Interest in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) Decreases By 22.0%

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) was the recipient of a significant drop in short interest in February. As of February 28th, there was short interest totalling 7,110,000 shares, a drop of 22.0% from the February 13th total of 9,110,000 shares. Approximately 10.3% of the shares of the company are short sold. Based on an average daily volume of 2,210,000 shares, the short-interest ratio is currently 3.2 days.

Insider Transactions at SpringWorks Therapeutics

In other news, insider Bhavesh Ashar sold 1,016 shares of SpringWorks Therapeutics stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $61.19, for a total value of $62,169.04. Following the completion of the transaction, the insider now owns 62,053 shares in the company, valued at $3,797,023.07. This trade represents a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Saqib Islam sold 10,672 shares of SpringWorks Therapeutics stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $59.92, for a total transaction of $639,466.24. Following the completion of the transaction, the chief executive officer now owns 1,063,953 shares of the company’s stock, valued at $63,752,063.76. The trade was a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 440,766 shares of company stock worth $24,402,956 over the last quarter. Corporate insiders own 7.61% of the company’s stock.

Institutional Investors Weigh In On SpringWorks Therapeutics

Several hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its position in SpringWorks Therapeutics by 0.3% during the third quarter. FMR LLC now owns 11,140,946 shares of the company’s stock valued at $356,956,000 after purchasing an additional 28,555 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of SpringWorks Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 7,158,871 shares of the company’s stock worth $258,650,000 after acquiring an additional 445,593 shares during the last quarter. Boxer Capital Management LLC bought a new stake in shares of SpringWorks Therapeutics in the 4th quarter worth approximately $123,620,000. Maverick Capital Ltd. lifted its holdings in shares of SpringWorks Therapeutics by 6.8% in the 3rd quarter. Maverick Capital Ltd. now owns 2,778,348 shares of the company’s stock worth $89,018,000 after acquiring an additional 177,824 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of SpringWorks Therapeutics by 24.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,391,412 shares of the company’s stock worth $86,402,000 after acquiring an additional 465,494 shares during the last quarter.

SpringWorks Therapeutics Price Performance

Shares of SpringWorks Therapeutics stock opened at $49.04 on Wednesday. SpringWorks Therapeutics has a 1 year low of $28.21 and a 1 year high of $62.00. The firm has a market cap of $3.67 billion, a PE ratio of -14.09 and a beta of 0.76. The company has a 50 day simple moving average of $46.15 and a two-hundred day simple moving average of $39.26.

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

Wall Street Analyst Weigh In

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

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.