SpringWorks Therapeutics’ (SWTX) Outperform Rating Reiterated at Wedbush

SpringWorks Therapeutics (NASDAQ:SWTX)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a report issued on Monday,RTT News reports. They currently have a $77.00 price target on the stock. Wedbush’s price objective suggests a potential upside of 136.92% from the stock’s previous close.

Several other equities analysts have also commented on the company. HC Wainwright dropped their target price on SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Guggenheim dropped their price objective on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Finally, Evercore ISI began coverage on SpringWorks Therapeutics in a research report on Wednesday, November 20th. They set an “outperform” rating and a $60.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $70.00.

SpringWorks Therapeutics Price Performance

SWTX stock opened at $32.50 on Monday. The business’s 50-day moving average is $37.97 and its two-hundred day moving average is $36.40. The firm has a market capitalization of $2.42 billion, a P/E ratio of -8.38 and a beta of 0.82. SpringWorks Therapeutics has a 1 year low of $28.21 and a 1 year high of $53.92.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.03. SpringWorks Therapeutics had a negative net margin of 203.09% and a negative return on equity of 48.21%. The company had revenue of $49.10 million during the quarter, compared to the consensus estimate of $53.28 million. During the same quarter in the previous year, the firm earned ($1.27) earnings per share. The firm’s quarterly revenue was up 4810.0% on a year-over-year basis. On average, analysts expect that SpringWorks Therapeutics will post -3.12 EPS for the current year.

Insiders Place Their Bets

In other news, COO Badreddin Edris sold 20,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $41.97, for a total value of $839,400.00. Following the completion of the sale, the chief operating officer now directly owns 209,600 shares of the company’s stock, valued at approximately $8,796,912. This represents a 8.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 7.61% of the company’s stock.

Institutional Trading of SpringWorks Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of SWTX. Rhumbline Advisers grew its position in SpringWorks Therapeutics by 5.1% during the 2nd quarter. Rhumbline Advisers now owns 104,656 shares of the company’s stock worth $3,942,000 after purchasing an additional 5,081 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of SpringWorks Therapeutics by 20.3% during the second quarter. Arizona State Retirement System now owns 15,491 shares of the company’s stock worth $584,000 after buying an additional 2,618 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in SpringWorks Therapeutics by 40.2% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 13,568 shares of the company’s stock valued at $511,000 after acquiring an additional 3,892 shares during the period. Envestnet Asset Management Inc. raised its stake in SpringWorks Therapeutics by 56.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 112,426 shares of the company’s stock valued at $4,235,000 after acquiring an additional 40,781 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in SpringWorks Therapeutics by 14.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 535,083 shares of the company’s stock worth $20,157,000 after acquiring an additional 69,227 shares during the period.

About SpringWorks Therapeutics

SpringWorks Therapeutics, Inc, a commercial-stage biopharmaceutical company, engages in the development and commercialization of medicines for underserved patient populations suffering from rare diseases and cancer. Its lead product candidate is OGSIVEO (nirogacestat), an oral small molecule gamma secretase inhibitor that is in Phase III DeFi trial for the treatment of desmoid tumors; and Nirogacestat, is also in Phase 2 clinical development as a monotherapy for the treatment of ovarian granulosa cell tumors (GCT), a subtype of ovarian cancer.