SpringWorks Therapeutics (NASDAQ:SWTX) Shares Gap Down Following Analyst Downgrade

Shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) gapped down prior to trading on Tuesday after HC Wainwright lowered their price target on the stock from $76.00 to $74.00. The stock had previously closed at $33.52, but opened at $29.53. HC Wainwright currently has a buy rating on the stock. SpringWorks Therapeutics shares last traded at $33.02, with a volume of 1,522,091 shares trading hands.

Several other brokerages have also recently issued reports on SWTX. JPMorgan Chase & Co. lifted their price objective on SpringWorks Therapeutics from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Wedbush reissued an “outperform” rating and set a $77.00 price target on shares of SpringWorks Therapeutics in a research report on Thursday, November 7th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $68.17.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. SG Americas Securities LLC raised its stake in SpringWorks Therapeutics by 8.3% during the first quarter. SG Americas Securities LLC now owns 4,673 shares of the company’s stock valued at $230,000 after buying an additional 358 shares in the last quarter. Profund Advisors LLC raised its position in shares of 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 purchasing an additional 362 shares during the period. First Horizon Advisors Inc. raised its position in shares of SpringWorks Therapeutics by 47.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,183 shares of the company’s stock worth $45,000 after purchasing an additional 383 shares during the period. American International Group Inc. raised its position in shares of SpringWorks Therapeutics by 1.2% during the 1st quarter. American International Group Inc. now owns 33,751 shares of the company’s stock worth $1,661,000 after purchasing an additional 394 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of 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 purchasing an additional 474 shares during the period.

SpringWorks Therapeutics Trading Down 2.8 %

The business has a 50-day moving average price of $33.09 and a two-hundred day moving average price of $37.32. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of -7.58 and a beta of 0.79.

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.