Stock Traders Purchase High Volume of Call Options on SpringWorks Therapeutics (NASDAQ:SWTX)

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) was the recipient of unusually large options trading activity on Thursday. Stock traders bought 13,068 call options on the company. This is an increase of approximately 223% compared to the typical volume of 4,050 call options.

SpringWorks Therapeutics Stock Performance

Shares of NASDAQ:SWTX traded up $1.30 during midday trading on Thursday, hitting $51.89. 2,779,343 shares of the stock were exchanged, compared to its average volume of 1,228,687. The business’s fifty day simple moving average is $43.86 and its two-hundred day simple moving average is $38.66. SpringWorks Therapeutics has a 52-week low of $28.21 and a 52-week high of $62.00. The company has a market capitalization of $3.89 billion, a PE ratio of -14.97 and a beta of 0.76.

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

Insider Activity at SpringWorks Therapeutics

In related news, Director Daniel Lynch sold 175,000 shares of the firm’s stock in a transaction that occurred on 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 owns 130,944 shares of the company’s stock, valued at approximately $7,131,210.24. This trade represents a 57.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bhavesh Ashar sold 1,016 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $61.19, for a total value of $62,169.04. Following the transaction, the insider now owns 62,053 shares of the company’s stock, valued at approximately $3,797,023.07. The trade was a 1.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 440,766 shares of company stock valued at $24,402,956 in the last quarter. Insiders own 7.61% of the company’s stock.

Institutional Trading of SpringWorks Therapeutics

Large investors have recently made changes to their positions in the stock. Huntington National Bank lifted its stake in shares of SpringWorks Therapeutics by 38.2% in 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 lifted its position in SpringWorks Therapeutics by 70.2% during the 4th quarter. AlphaQuest LLC now owns 1,004 shares of the company’s stock worth $36,000 after acquiring an additional 414 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in SpringWorks Therapeutics during the 4th quarter worth $45,000. State of Wyoming boosted its holdings in SpringWorks Therapeutics by 39.5% during the fourth quarter. State of Wyoming now owns 1,530 shares of the company’s stock valued at $55,000 after acquiring an additional 433 shares during the period. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of SpringWorks Therapeutics in the fourth quarter valued at about $56,000.

Analysts Set New Price Targets

SWTX has been the topic of a number of research analyst reports. HC Wainwright reissued a “buy” rating and set a $74.00 target price on shares of SpringWorks Therapeutics in a report on Friday, February 21st. Guggenheim reduced their price objective on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a research note on Wednesday, January 8th. Wedbush reaffirmed an “outperform” rating and set a $81.00 target price on shares of SpringWorks Therapeutics in a research report on Thursday, February 20th. Finally, Evercore ISI increased their price target on SpringWorks Therapeutics from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus 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.