SpringWorks Therapeutics (NASDAQ:SWTX) Trading 6.8% Higher – Here’s Why

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) traded up 6.8% during trading on Tuesday . The company traded as high as $41.72 and last traded at $41.50. 1,097,974 shares were traded during mid-day trading, an increase of 12% from the average session volume of 982,610 shares. The stock had previously closed at $38.86.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SWTX shares. HC Wainwright cut their target price on SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Guggenheim dropped their target price on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research report on Wednesday. Evercore ISI began coverage on shares of SpringWorks Therapeutics in a report on Wednesday, November 20th. They issued an “outperform” rating and a $60.00 price objective for the company. Finally, Wedbush reissued an “outperform” rating and set a $77.00 target price on shares of SpringWorks Therapeutics in a research note on Monday, November 18th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $70.00.

SpringWorks Therapeutics Stock Down 1.7 %

The firm has a market cap of $3.01 billion, a price-to-earnings ratio of -10.44 and a beta of 0.82. The company’s 50-day moving average price is $37.38 and its 200-day moving average price is $36.36.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.72) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.03. The company had revenue of $49.10 million during the quarter, compared to analyst estimates of $53.28 million. SpringWorks Therapeutics had a negative return on equity of 48.21% and a negative net margin of 203.09%. SpringWorks Therapeutics’s quarterly revenue was up 4810.0% on a year-over-year basis. During the same period in the previous year, the business earned ($1.27) EPS. Analysts predict that SpringWorks Therapeutics, Inc. will post -3.12 earnings per share for the current fiscal year.

Insider Activity at SpringWorks Therapeutics

In other 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 transaction, the chief operating officer now directly owns 209,600 shares in the company, valued at $8,796,912. The trade was a 8.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.61% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SpringWorks Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its holdings in SpringWorks Therapeutics by 102.5% in the third quarter. Principal Financial Group Inc. now owns 918,445 shares of the company’s stock valued at $29,427,000 after acquiring an additional 464,903 shares during the last quarter. Exome Asset Management LLC acquired a new position in shares of SpringWorks Therapeutics in the 3rd quarter valued at $3,226,000. Geode Capital Management LLC lifted its stake in shares of SpringWorks Therapeutics by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,670,247 shares of the company’s stock valued at $53,526,000 after purchasing an additional 109,189 shares during the last quarter. Barclays PLC increased its position in shares of SpringWorks Therapeutics by 60.4% during the 3rd quarter. Barclays PLC now owns 155,676 shares of the company’s stock worth $4,987,000 after purchasing an additional 58,645 shares during the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of SpringWorks Therapeutics during the 3rd quarter worth about $746,000.

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.