Springworks Therapeutics Inc (NASDAQ: SWTX) has gained significantly since it went public at an offer price of $18 in September. As of yesterday’s close, the stock was trading at $25.45. Its rise has been supported by a series of positive news.
On the 12th of November, the company released its Q3 results and they included a number of highlights on the company’s developments. Along with the financials, the company announced that it had initiated phase 2b ReNeu clinical trial, aiming to evaluate mirdamentib in children and in adults with type 1 neurofibromatosis (NF1). NF1 affects about one in every 3000 people globally, and at the moment, there are no approved therapies for its treatment.
The company also announced that it had got breakthrough therapy designation for its treatment called Nirogacestat. This is a treatment for adults with unresectable and progressive and recurrent desmoid tumors. On top of that, the company reported that it had got an EU Orphan Drug Designation for Mirdamentib for treating NF1.
The company also announced that it had strengthened its leadership by looping in Francis Perier Jr as CFO, and bringing in Alan Fuhrman to its board of directors. In terms of finances, the company’s R&D expenses as of Q3 stood at $10.7 million. This was significant compared to expenditures of $3.4 million in the same period in the last financial year. The company attributed this increase to a clinical study for phase 3 De-Fi and Phase 2 ReNeu trials that are ongoing.
Looking at the charts, SWTX has been gaining upside momentum for the better part of November and December. In yesterday’s session, it was trading between a high of $26.79 and a low of $25.23, and closed the day at $25.46. Volumes in the day stood at $125.77K.
About Springworks Therapeutics Inc
Springworks Therapeutics Inc is a biopharma company focused on rare diseases and cancer. It has its headquarters in Stamford, Connecticut.