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

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

Insider Transactions at SpringWorks Therapeutics

In related news, insider Bhavesh Ashar sold 1,016 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $61.19, for a total transaction of $62,169.04. Following the completion of the sale, the insider now directly owns 62,053 shares in the company, valued at $3,797,023.07. This represents a 1.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Daniel Lynch sold 175,000 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $54.46, for a total transaction of $9,530,500.00. Following the sale, the director now owns 130,944 shares of the company’s stock, valued at $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 ninety days, insiders sold 440,766 shares of company stock worth $24,402,956. 7.61% of the stock is currently owned by insiders.

Institutional Trading of SpringWorks Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of SWTX. Boxer Capital Management LLC purchased a new stake in shares of SpringWorks Therapeutics in the 4th quarter worth about $123,620,000. Capital International Investors grew its position in shares of SpringWorks Therapeutics by 92.7% in the 4th quarter. Capital International Investors now owns 2,361,746 shares of the company’s stock worth $85,330,000 after buying an additional 1,136,079 shares during the period. Pictet Asset Management Holding SA grew its position 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 buying an additional 465,494 shares during the period. Principal Financial Group Inc. grew its position in shares of SpringWorks Therapeutics by 102.5% in the 3rd quarter. Principal Financial Group Inc. now owns 918,445 shares of the company’s stock worth $29,427,000 after buying an additional 464,903 shares during the period. Finally, Vanguard Group Inc. grew its position 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 buying an additional 445,593 shares during the period.

SpringWorks Therapeutics Trading Down 1.6 %

Shares of SpringWorks Therapeutics stock opened at $49.04 on Wednesday. The company’s fifty day simple moving average is $46.15 and its two-hundred day simple moving average is $39.26. The company has a market cap of $3.67 billion, a P/E ratio of -14.09 and a beta of 0.76. SpringWorks Therapeutics has a 12-month low of $28.21 and a 12-month high of $62.00.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued 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). The company had revenue of $61.55 million for the quarter, compared to analysts’ expectations of $60.53 million. SpringWorks Therapeutics had a negative net margin of 134.73% and a negative return on equity of 46.74%. Analysts predict that SpringWorks Therapeutics will post -2.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SWTX shares. Wedbush reiterated an “outperform” rating and set a $81.00 price target on shares of SpringWorks Therapeutics in a report on Thursday, February 20th. HC Wainwright reiterated a “buy” rating and set a $74.00 price target on shares of SpringWorks Therapeutics in a report on Friday, February 21st. Guggenheim reduced their price objective on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Finally, 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 report on Wednesday, February 12th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target 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.