Guggenheim Cuts SpringWorks Therapeutics (NASDAQ:SWTX) Price Target to $78.00

SpringWorks Therapeutics (NASDAQ:SWTX) had its target price lowered by Guggenheim from $80.00 to $78.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target points to a potential upside of 93.31% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Evercore ISI initiated coverage on SpringWorks Therapeutics in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $60.00 price target for the company. Wedbush reissued an “outperform” rating and set a $77.00 price target on shares of SpringWorks Therapeutics in a research report on Monday, November 18th. Finally, HC Wainwright lowered 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 note on Tuesday, November 12th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, SpringWorks Therapeutics currently has an average rating of “Buy” and an average target price of $70.00.

SpringWorks Therapeutics Trading Down 2.1 %

Shares of SWTX traded down $0.85 during midday trading on Wednesday, reaching $40.35. 1,293,929 shares of the company were exchanged, compared to its average volume of 1,638,655. The company has a market cap of $3.00 billion, a price-to-earnings ratio of -10.40 and a beta of 0.82. SpringWorks Therapeutics has a 1-year low of $28.21 and a 1-year high of $53.92. The stock has a 50-day moving average price of $37.18 and a 200-day moving average price of $36.33.

SpringWorks Therapeutics (NASDAQ:SWTX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.72) EPS for the quarter, topping 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 business had revenue of $49.10 million for the quarter, compared to analysts’ expectations of $53.28 million. During the same quarter in the previous year, the firm posted ($1.27) earnings per share. The company’s revenue was up 4810.0% compared to the same quarter last year. Equities research analysts anticipate that SpringWorks Therapeutics will post -3.12 earnings per share for the current year.

Insider Activity

In other SpringWorks Therapeutics news, COO Badreddin Edris sold 20,000 shares of the company’s 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 in the company, valued at $8,796,912. This represents a 8.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 7.61% of the company’s stock.

Institutional Trading of SpringWorks Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in SpringWorks Therapeutics by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock worth $87,000 after buying an additional 474 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of SpringWorks Therapeutics during the 3rd quarter worth $147,000. Quarry LP boosted its stake in shares of SpringWorks Therapeutics by 56.3% during the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $188,000 after acquiring an additional 1,800 shares in the last quarter. Commerce Bank acquired a new stake in shares of SpringWorks Therapeutics during the third quarter worth $207,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of SpringWorks Therapeutics during the third quarter valued at $209,000.

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.