SpringWorks Therapeutics’ (SWTX) “Outperform” Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of SpringWorks Therapeutics (NASDAQ:SWTX) in a report issued on Monday morning,RTT News reports. Wedbush currently has a $77.00 target price on the stock.

A number of other research firms also recently issued reports on SWTX. Guggenheim cut their price target on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a research note on Wednesday, January 8th. HC Wainwright cut their target price on shares of SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Finally, Evercore ISI initiated coverage on shares of SpringWorks Therapeutics in a research report on Wednesday, November 20th. They issued an “outperform” rating and a $60.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $70.00.

SpringWorks Therapeutics Stock Down 13.9 %

Shares of SpringWorks Therapeutics stock opened at $37.01 on Monday. SpringWorks Therapeutics has a twelve month low of $28.21 and a twelve month high of $53.92. The company’s 50 day moving average is $37.95 and its 200 day moving average is $36.44. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -9.54 and a beta of 0.82.

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

Insider Activity at SpringWorks Therapeutics

In related news, COO Badreddin Edris sold 20,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $41.97, for a total value of $839,400.00. Following the completion of the transaction, the chief operating officer now owns 209,600 shares of the company’s stock, valued at approximately $8,796,912. This represents a 8.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 7.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SpringWorks Therapeutics

Several large investors have recently made changes to their positions in the business. Profund Advisors LLC grew its position in shares of SpringWorks Therapeutics by 1.3% during the second quarter. Profund Advisors LLC now owns 29,048 shares of the company’s stock worth $1,094,000 after purchasing an additional 362 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in SpringWorks Therapeutics by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock valued at $87,000 after buying an additional 474 shares in the last quarter. State of New Jersey Common Pension Fund D grew its holdings in SpringWorks Therapeutics by 1.9% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 46,389 shares of the company’s stock valued at $1,486,000 after buying an additional 871 shares in the last quarter. E Fund Management Co. Ltd. lifted its holdings in shares of SpringWorks Therapeutics by 11.6% in the second quarter. E Fund Management Co. Ltd. now owns 9,467 shares of the company’s stock worth $357,000 after buying an additional 981 shares in the last quarter. Finally, Quarry LP boosted its position in shares of SpringWorks Therapeutics by 20.0% during the third quarter. Quarry LP now owns 6,000 shares of the company’s stock worth $192,000 after acquiring an additional 1,000 shares during the last quarter.

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.