SpringWorks Therapeutics (NASDAQ:SWTX) Trading Up 8.1% – Here’s What Happened

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) shot up 8.1% during trading on Friday . The company traded as high as $39.31 and last traded at $39.23. 479,566 shares changed hands during trading, a decline of 52% from the average session volume of 998,040 shares. The stock had previously closed at $36.30.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SWTX shares. HC Wainwright lowered their price target on shares of SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Wedbush restated an “outperform” rating and set a $77.00 target price on shares of SpringWorks Therapeutics in a research note on Monday, November 18th. JPMorgan Chase & Co. lifted their target price on SpringWorks Therapeutics from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, Evercore ISI initiated coverage on SpringWorks Therapeutics in a report on Wednesday. They issued an “outperform” rating and a $60.00 price target for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, SpringWorks Therapeutics presently has an average rating of “Buy” and a consensus price target of $67.00.

SpringWorks Therapeutics Stock Performance

The business’s 50 day moving average price is $32.60 and its 200-day moving average price is $36.78. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of -10.06 and a beta of 0.79.

SpringWorks Therapeutics (NASDAQ:SWTX) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.03. The firm had revenue of $49.10 million for the quarter, compared to analysts’ expectations of $53.28 million. SpringWorks Therapeutics had a negative return on equity of 48.21% and a negative net margin of 203.09%. SpringWorks Therapeutics’s revenue for the quarter was up 4810.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.27) earnings per share. On average, analysts forecast that SpringWorks Therapeutics, Inc. will post -3.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SpringWorks Therapeutics

Several large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in SpringWorks Therapeutics by 48.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,110,462 shares of the company’s stock valued at $202,318,000 after purchasing an additional 1,333,892 shares during the last quarter. Duquesne Family Office LLC bought a new stake in shares of SpringWorks Therapeutics during the 2nd quarter valued at about $38,475,000. Maverick Capital Ltd. grew its position in shares of SpringWorks Therapeutics by 36.3% during the 2nd quarter. Maverick Capital Ltd. now owns 2,600,524 shares of the company’s stock valued at $97,962,000 after buying an additional 691,894 shares during the last quarter. Vanguard Group Inc. raised its stake in SpringWorks Therapeutics by 8.2% during the first quarter. Vanguard Group Inc. now owns 6,529,325 shares of the company’s stock worth $321,373,000 after acquiring an additional 492,783 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in SpringWorks Therapeutics by 102.5% in the third quarter. Principal Financial Group Inc. now owns 918,445 shares of the company’s stock worth $29,427,000 after acquiring an additional 464,903 shares during 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.