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Islam Saqib, the Chief Executive Officer of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On March 3, Saqib sold a total of 48,000 shares of the company’s common stock in multiple transactions. These sales were conducted at prices ranging from $52.97 to $56.89 per share, amounting to an aggregate value of approximately $2.66 million. The timing of these sales coincides with the company’s strong recent performance, with the stock posting a 26% gain over the past six months and a notable 40% return year-to-date, according to InvestingPro data.
The transactions were made under a pre-established trading plan adopted on February 29, 2024, in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Following these sales, Saqib retains direct ownership of 954,869 shares of SpringWorks Therapeutics.
These transactions follow an earlier disposition of 30,756 shares on February 27, which were disposed of at a price of $53.41 per share as part of a tax withholding arrangement.
In other recent news, SpringWorks Therapeutics has received FDA approval for their drug GOMEKLI, aimed at treating neurofibromatosis type 1 with symptomatic plexiform neurofibromas. This approval includes a rare pediatric disease priority review voucher, potentially valued at $100 million, and is based on successful Phase 2b trial results. Analysts from TD Cowen have raised their price target for SpringWorks shares to $66, maintaining a "Buy" rating, while Guggenheim has adjusted their target to $78, also retaining a "Buy" rating. The FDA’s approval of GOMEKLI highlights its differentiated safety profile compared to AstraZeneca (NASDAQ:AZN)’s Koselugo, particularly for adult patients.
In addition to these developments, Merck (NSE:PROR) KGaA is in advanced talks to acquire SpringWorks Therapeutics, though no legally binding agreement has been reached. Analysts have suggested a potential acquisition value between $6 billion and $7.5 billion, reflecting projected peak sales. SpringWorks has also recently launched Ogsiveo, a treatment for desmoid tumors, and is awaiting regulatory decisions on mirdametinib for NF1. These developments indicate a period of significant activity for SpringWorks, as the company continues to expand its portfolio in the rare disease and cancer treatment sectors.
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