Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
Daniel Lynch, a director at SpringWorks Therapeutics, Inc. (NASDAQ:SWTX), recently sold a substantial amount of company stock. The sale comes as the company’s shares have shown remarkable strength, gaining over 37% in the past six months. According to a recent SEC filing, Lynch sold a total of 47,600 shares of common stock on February 20, 2025. InvestingPro data shows the company maintains impressive gross profit margins of 93.45%. The shares were sold at prices ranging between $60.00 and $61.45, amassing a total value of approximately $2.87 million.
The transactions were conducted under a pre-established trading plan, compliant with Rule 10b5-1 under the Securities Exchange Act of 1934. Following these sales, Lynch retains ownership of 82,944 shares in the company. The sales were executed in two separate transactions, with 44,018 shares sold at a weighted average price of $60.1387 and 3,582 shares at a weighted average price of $61.2364.
In other recent news, SpringWorks Therapeutics has received FDA approval for its drug GOMEKLI, intended for treating neurofibromatosis type 1 with symptomatic plexiform neurofibromas. This approval, which includes a rare pediatric disease priority review voucher valued at around $100 million, is based on the promising results from the Phase 2b ReNeu trial. The trial demonstrated significant tumor volume reductions and improvements in patient quality of life. In light of this development, TD Cowen analysts have raised their price target for SpringWorks to $66, maintaining a "Buy" rating. Discussions are underway regarding a potential acquisition of SpringWorks by Merck (NSE:PROR) KGaA, with estimates suggesting a valuation between $6 billion and $7.5 billion. Additionally, Guggenheim has adjusted its price target for SpringWorks to $78, slightly down from $80, while maintaining a "Buy" rating. The firm cites potential risks such as regulatory hurdles and market competition but remains optimistic about the company’s long-term prospects. SpringWorks’ recent drug launches and strategic focus on rare diseases continue to capture investor interest.
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