SpringWorks Therapeutics (NASDAQ:SWTX) Shares Gap Up on Analyst Upgrade

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) shares gapped up prior to trading on Wednesday after Evercore ISI raised their price target on the stock from $60.00 to $65.00. The stock had previously closed at $55.13, but opened at $57.51. Evercore ISI currently has an outperform rating on the stock. SpringWorks Therapeutics shares last traded at $57.12, with a volume of 782,541 shares changing hands.

A number of other analysts have also recently weighed in on SWTX. HC Wainwright reaffirmed a “buy” rating and set a $74.00 price objective on shares of SpringWorks Therapeutics in a research report on Wednesday. Wedbush reissued an “outperform” rating and issued a $77.00 price target on shares of SpringWorks Therapeutics in a report on Monday. Finally, Guggenheim reduced their price objective on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a report on Wednesday, January 8th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $70.83.

Insider Buying and Selling

In other news, COO Badreddin Edris sold 20,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $41.97, for a total transaction of $839,400.00. Following the completion of the sale, the chief operating officer now owns 209,600 shares in the company, valued at approximately $8,796,912. The trade was a 8.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SpringWorks Therapeutics

A number of hedge funds have recently made changes to their positions in SWTX. AlphaQuest LLC raised its stake in shares of SpringWorks Therapeutics by 70.2% in the 4th quarter. AlphaQuest LLC now owns 1,004 shares of the company’s stock valued at $36,000 after acquiring an additional 414 shares during the period. Venturi Wealth Management LLC acquired a new position in SpringWorks Therapeutics during the 4th quarter worth $45,000. 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 worth $87,000 after acquiring an additional 474 shares in the last quarter. KBC Group NV grew its holdings in SpringWorks Therapeutics by 59.1% during the 4th quarter. KBC Group NV now owns 2,634 shares of the company’s stock worth $95,000 after acquiring an additional 978 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in SpringWorks Therapeutics during the 3rd quarter worth $147,000.

SpringWorks Therapeutics Stock Performance

The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of -14.67 and a beta of 0.81. The company’s fifty day simple moving average is $38.35 and its two-hundred day simple moving average is $36.40.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.72) EPS for the quarter, beating the consensus estimate 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 business had revenue of $49.10 million during the quarter, compared to analyst estimates of $53.28 million. During the same period in the previous year, the business posted ($1.27) EPS. The company’s quarterly revenue was up 4810.0% on a year-over-year basis. Sell-side analysts anticipate that SpringWorks Therapeutics, Inc. will post -3.03 EPS for the current year.

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.