SpringWorks Therapeutics, Inc. (NASDAQ:SWTX), a $3.15 billion market cap biotech company, saw its Chief Executive Officer Islam Saqib recently sell a significant portion of his holdings. According to the latest SEC filings, Saqib sold a total of 49,000 shares on December 2, 2024, generating approximately $2,027,357. The transactions were executed under a pre-established trading plan, with prices ranging from $40.76 to $42.02 per share. The stock has shown strong momentum, delivering a 34.4% return over the past year, though InvestingPro data indicates the stock may be in overbought territory.
Following these transactions, Saqib retains ownership of 1,014,368 shares of SpringWorks Therapeutics. The sales were part of a Rule 10b5-1 trading plan adopted earlier this year, which allows insiders to set up a predetermined schedule for selling company stock to avoid potential conflicts of interest. Despite recent insider selling, analysts remain optimistic, with price targets ranging from $58 to $80 per share. InvestingPro subscribers can access 10 additional investment tips and a comprehensive Pro Research Report for deeper insights into SpringWorks' financial health and growth prospects.
In other recent news, Spring Works Therapeutics has experienced significant developments in its financial performance and product pipeline. The company reported a net loss of $0.72 per share in the third quarter, exceeding the analyst's initial estimate of a $0.60 per share loss. The drug OGSIVEO generated $49.3 million in revenue during the same period, falling short of the anticipated $57.8 million. Despite this, the firm projects a total expected revenue of $192.9 million in 2024.
Evercore ISI initiated coverage on Spring Works Therapeutics with an Outperform rating and set a price target of $60.00. H.C. Wainwright reduced its price target for SpringWorks to $74 from $76, yet maintained a Buy rating. JPMorgan has increased SpringWorks' price target to $68 while maintaining an Overweight rating.
The U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have accepted applications for SpringWorks' mirdametinib, aimed at treating neurofibromatosis type 1-associated plexiform neurofibromas (NF1-PN) in adult and pediatric patients. The company's first-in-class approved treatment and the potential for Spring Works to add a second product to its portfolio were also highlighted. These are the recent developments from SpringWorks Therapeutics, as reported by various analyst firms.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.