Springworks Therapeutics (SWTX) with an interesting trade on 1/11 that sold 2500 February $45 puts to buy 3500 of the $60/$70 call spreads at near zero cost, willing to be long at $45 with shares trading $60. SWTX is a clinical stage biotechnology company with two late-stage candidates, nirogacestat and mirdametib, for the treatment of rare oncology indications: desmoid tumors and plexiform neurofibromas, respectively. SWTX spun out of Pfizer (PFE) in 2017, and though PFE retains an ownership stake in the business SWTX has since established partnerships with Beigene (BGNE) and GlaxoSmithKline (GSK) to evaluate combination studies in multiple myeloma (nirogacestat + GSK’s belantamab mafodotin) and RAS/RAF mutant advanced solid tumors (mirdametinib + BGNE’s lifirafenib). It has also established a joint venture with BGNE to develop BGB-3245 in patients with RAF+ advanced solid tumors (MapKure). SWTX currently carries a market cap of $3.2B trading 7.45X Cash and 5X FY25 EV/Sales with 9% of the float short. SWTX is a catalyst play with several readouts expected this year, including DREAMM-5 with expectations for 2023 approval with results seen in Q1. SWTX plans to host an R&D day in Q1 as well and will report clinical data from ongoing Phase 1 studies in RASm/RAFm solid tumors (mirdametinib/lifirafenib combination, BGB-3245 respectively) for the first time and detailed data from the DeFi study (following topline data in 4Q21/1Q22). JPM has a $105 target seeing a favorable risk/reward profile and potential game-changer in nirogacesstat while Goldman has a $121 target seeing four discrete opportunities for value creation over the coming months.