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

SpringWorks Therapeutics (NASDAQ:SWTX)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a research note issued on Thursday, RTT News reports. They currently have a $75.00 price objective on the stock, up from their previous price objective of $70.00. Wedbush’s target price points to a potential upside of 73.01% from the stock’s previous close.

A number of other research firms also recently weighed in on SWTX. Guggenheim began coverage on shares of SpringWorks Therapeutics in a research report on Monday, February 5th. They issued a “buy” rating and a $75.00 target price on the stock. HC Wainwright lifted their target price on shares of SpringWorks Therapeutics from $73.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. JPMorgan Chase & Co. raised their price objective on SpringWorks Therapeutics from $73.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Finally, Barclays increased their target price on SpringWorks Therapeutics from $47.00 to $63.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $68.83.

SpringWorks Therapeutics Stock Down 7.5 %

Shares of SpringWorks Therapeutics stock traded down $3.49 on Thursday, hitting $43.35. The stock had a trading volume of 3,515,365 shares, compared to its average volume of 1,121,796. The stock’s 50-day simple moving average is $47.40 and its two-hundred day simple moving average is $38.36. SpringWorks Therapeutics has a one year low of $18.00 and a one year high of $53.92. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of -8.43 and a beta of 0.84.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its earnings results on Tuesday, February 27th. The company reported ($1.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.20). The firm had revenue of $5.45 million for the quarter, compared to the consensus estimate of $1.26 million. During the same period in the prior year, the company posted ($1.19) EPS. As a group, equities analysts predict that SpringWorks Therapeutics will post -4.69 EPS for the current fiscal year.

Insider Buying and Selling at SpringWorks Therapeutics

In related news, insider Daniel Pichl sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $50.10, for a total transaction of $751,500.00. Following the completion of the transaction, the insider now directly owns 45,212 shares in the company, valued at approximately $2,265,121.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 7.61% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. lifted its position in SpringWorks Therapeutics by 96.6% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,612 shares of the company’s stock worth $37,000 after buying an additional 792 shares during the last quarter. Headlands Technologies LLC purchased a new position in SpringWorks Therapeutics during the 4th quarter worth $74,000. Strs Ohio bought a new stake in SpringWorks Therapeutics during the 4th quarter valued at $102,000. SG Americas Securities LLC purchased a new position in shares of SpringWorks Therapeutics during the fourth quarter valued at $157,000. Finally, Exchange Traded Concepts LLC raised its holdings in shares of SpringWorks Therapeutics by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 5,323 shares of the company’s stock valued at $194,000 after acquiring an additional 1,350 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.