Wedbush Reiterates “Outperform” Rating for SpringWorks Therapeutics (NASDAQ:SWTX)

SpringWorks Therapeutics (NASDAQ:SWTX)‘s stock had its “outperform” rating reaffirmed by Wedbush in a research report issued on Monday,RTT News reports. They presently have a $77.00 price target on the stock. Wedbush’s price objective indicates a potential upside of 108.05% from the stock’s current price.

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

SpringWorks Therapeutics Stock Performance

Shares of NASDAQ:SWTX traded down $5.99 during trading hours on Monday, reaching $37.01. The stock had a trading volume of 3,626,040 shares, compared to its average volume of 2,328,663. SpringWorks Therapeutics has a 1 year low of $28.21 and a 1 year high of $53.92. The firm’s 50 day moving average is $37.83 and its 200-day moving average is $36.44. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of -9.54 and a beta of 0.82.

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

Insider Transactions at SpringWorks Therapeutics

In related news, COO Badreddin Edris sold 20,000 shares of the firm’s stock in a transaction dated 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 sale, the chief operating officer now owns 209,600 shares in the company, valued at $8,796,912. This trade represents a 8.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.61% of the company’s stock.

Hedge Funds Weigh In On SpringWorks Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in SpringWorks Therapeutics by 0.3% during the 3rd quarter. FMR LLC now owns 11,140,946 shares of the company’s stock valued at $356,956,000 after acquiring an additional 28,555 shares in the last quarter. Maverick Capital Ltd. grew its holdings in shares of SpringWorks Therapeutics by 6.8% during the third quarter. Maverick Capital Ltd. now owns 2,778,348 shares of the company’s stock worth $89,018,000 after buying an additional 177,824 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of SpringWorks Therapeutics by 7.0% during the third quarter. Geode Capital Management LLC now owns 1,670,247 shares of the company’s stock worth $53,526,000 after buying an additional 109,189 shares in the last quarter. Duquesne Family Office LLC purchased a new stake in shares of SpringWorks Therapeutics during the second quarter worth about $38,475,000. Finally, Principal Financial Group Inc. grew its holdings in shares of SpringWorks Therapeutics by 102.5% during the third quarter. Principal Financial Group Inc. now owns 918,445 shares of the company’s stock worth $29,427,000 after buying an additional 464,903 shares in the last quarter.

SpringWorks Therapeutics Company Profile

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.