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

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s share price gapped up before the market opened 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 trading hands.

Other equities analysts have also issued research reports about the company. Guggenheim cut their price target on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research note on Wednesday, January 8th. HC Wainwright reiterated a “buy” rating and issued a $74.00 target price on shares of SpringWorks Therapeutics in a research note on Wednesday. Finally, Wedbush reiterated an “outperform” rating and issued a $77.00 target price on shares of SpringWorks Therapeutics in a research note on Monday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $70.83.

Insider Buying and Selling

In related news, COO Badreddin Edris sold 20,000 shares of the business’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 transaction 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 approximately $8,796,912. The trade was a 8.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.61% of the company’s stock.

Institutional Trading of SpringWorks Therapeutics

Several large investors have recently made changes to their positions in SWTX. Creative Planning purchased a new stake in SpringWorks Therapeutics in the 3rd quarter valued at $254,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of SpringWorks Therapeutics by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock valued at $87,000 after purchasing an additional 474 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in shares of SpringWorks Therapeutics by 64.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 14,285 shares of the company’s stock valued at $458,000 after purchasing an additional 5,582 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of SpringWorks Therapeutics by 102.5% in the 3rd quarter. Principal Financial Group Inc. now owns 918,445 shares of the company’s stock valued at $29,427,000 after purchasing an additional 464,903 shares during the last quarter. Finally, Assetmark Inc. lifted its stake in shares of SpringWorks Therapeutics by 13.7% in the 3rd quarter. Assetmark Inc. now owns 46,020 shares of the company’s stock valued at $1,474,000 after purchasing an additional 5,546 shares during the last quarter.

SpringWorks Therapeutics Stock Performance

The company has a 50 day moving average price of $38.35 and a 200 day moving average price of $36.40. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of -14.67 and a beta of 0.81.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share (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 firm had revenue of $49.10 million for the quarter, compared to analyst estimates of $53.28 million. During the same quarter in the prior year, the company earned ($1.27) EPS. SpringWorks Therapeutics’s revenue was up 4810.0% on a year-over-year basis. On average, research analysts forecast that SpringWorks Therapeutics, Inc. will post -3.03 earnings per share 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.