SpringWorks Therapeutics (NASDAQ:SWTX) Shares Up 4.3% – Time to Buy?

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s share price shot up 4.3% during mid-day trading on Thursday . The company traded as high as $35.39 and last traded at $34.93. 79,383 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 2,078,942 shares. The stock had previously closed at $33.48.

Wall Street Analysts Forecast Growth

SWTX has been the subject of a number of research analyst reports. Guggenheim reduced their price objective on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a research report on Wednesday, January 8th. Wedbush reaffirmed an “outperform” rating and set a $77.00 target price on shares of SpringWorks Therapeutics in a research note on Monday, January 13th. HC Wainwright decreased their target price on shares of SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Finally, Evercore ISI initiated coverage on SpringWorks Therapeutics in a report on Wednesday, November 20th. They set an “outperform” rating and a $60.00 target price on the stock. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $70.00.

SpringWorks Therapeutics Stock Performance

The stock has a market cap of $2.58 billion, a PE ratio of -8.93 and a beta of 0.82. The company’s 50-day moving average price is $38.04 and its 200 day moving average price is $36.35.

SpringWorks Therapeutics (NASDAQ:SWTX) last announced 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. The business had revenue of $49.10 million during the quarter, compared to analysts’ expectations of $53.28 million. SpringWorks Therapeutics had a negative net margin of 203.09% and a negative return on equity of 48.21%. The business’s revenue for the quarter was up 4810.0% on a year-over-year basis. During the same period last year, the business earned ($1.27) earnings per share. As a group, equities research analysts predict that SpringWorks Therapeutics, Inc. will post -3.12 earnings per share for the current fiscal year.

Insider Transactions at SpringWorks Therapeutics

In other SpringWorks Therapeutics news, COO Badreddin Edris sold 20,000 shares of the company’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 sale, the chief operating officer now owns 209,600 shares in the company, valued at $8,796,912. This represents a 8.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 7.61% of the company’s stock.

Hedge Funds Weigh In On SpringWorks Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SWTX. Profund Advisors LLC grew its holdings in SpringWorks Therapeutics by 1.3% during the 2nd quarter. Profund Advisors LLC now owns 29,048 shares of the company’s stock worth $1,094,000 after acquiring an additional 362 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in SpringWorks Therapeutics by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock valued at $87,000 after buying an additional 474 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in SpringWorks Therapeutics by 1.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 46,389 shares of the company’s stock valued at $1,486,000 after buying an additional 871 shares in the last quarter. Quarry LP lifted its stake in SpringWorks Therapeutics by 20.0% during the third quarter. Quarry LP now owns 6,000 shares of the company’s stock worth $192,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of SpringWorks Therapeutics by 5.6% in the 3rd quarter. Wellington Management Group LLP now owns 34,994 shares of the company’s stock valued at $1,121,000 after buying an additional 1,853 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.