Evercore ISI Initiates Coverage on SpringWorks Therapeutics (NASDAQ:SWTX)

Evercore ISI began coverage on shares of SpringWorks Therapeutics (NASDAQ:SWTX) in a report released on Wednesday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $60.00 target price on the stock.

Several other analysts also recently issued reports on SWTX. Wedbush reiterated an “outperform” rating and set a $77.00 price target on shares of SpringWorks Therapeutics in a research note on Monday. JPMorgan Chase & Co. upped 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, HC Wainwright lowered their price target on SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $67.00.

SpringWorks Therapeutics Stock Down 1.3 %

Shares of SWTX opened at $37.44 on Wednesday. The firm’s 50 day moving average price is $32.57 and its 200 day moving average price is $36.90. SpringWorks Therapeutics has a twelve month low of $20.19 and a twelve month high of $53.92.

SpringWorks Therapeutics (NASDAQ:SWTX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $53.28 million. During the same quarter last year, the firm earned ($1.27) EPS. SpringWorks Therapeutics’s revenue for the quarter was up 4810.0% on a year-over-year basis. As a group, equities analysts forecast that SpringWorks Therapeutics will post -3.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SpringWorks Therapeutics

A number of institutional investors have recently added to or reduced their stakes in SWTX. Price T Rowe Associates Inc. MD grew its position 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 worth $202,318,000 after buying an additional 1,333,892 shares in the last quarter. Duquesne Family Office LLC acquired a new stake in SpringWorks Therapeutics during the second quarter worth about $38,475,000. Maverick Capital Ltd. grew its position in SpringWorks Therapeutics by 36.3% during the second quarter. Maverick Capital Ltd. now owns 2,600,524 shares of the company’s stock worth $97,962,000 after buying an additional 691,894 shares in the last quarter. Vanguard Group Inc. grew its position 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 buying an additional 492,783 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in SpringWorks Therapeutics by 102.5% during the third quarter. Principal Financial Group Inc. now owns 918,445 shares of the company’s stock worth $29,427,000 after buying an additional 464,903 shares in the last quarter.

About SpringWorks Therapeutics

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.