Wedbush Reiterates “Outperform” Rating for SpringWorks Therapeutics (NASDAQ:SWTX)

SpringWorks Therapeutics (NASDAQ:SWTX)‘s stock had its “outperform” rating reissued by equities researchers at Wedbush in a research note issued on Thursday, RTT News reports. They currently have a $75.00 price target on the stock, up from their prior price target of $70.00. Wedbush’s price objective points to a potential upside of 66.26% from the stock’s current price.

SWTX has been the subject of several other reports. HC Wainwright upped their target price on SpringWorks Therapeutics from $73.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Guggenheim began coverage on SpringWorks Therapeutics in a report on Monday, February 5th. They issued a “buy” rating and a $75.00 target price for the company. Barclays upped their target price on SpringWorks Therapeutics from $47.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Finally, JPMorgan Chase & Co. upped their target price on SpringWorks Therapeutics from $73.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, SpringWorks Therapeutics has a consensus rating of “Buy” and an average target price of $68.83.

SpringWorks Therapeutics Stock Performance

Shares of SWTX traded up $1.76 during trading hours on Thursday, hitting $45.11. 1,504,740 shares of the stock were exchanged, compared to its average volume of 935,398. SpringWorks Therapeutics has a 12-month low of $18.00 and a 12-month high of $53.92. The company has a market cap of $3.33 billion, a price-to-earnings ratio of -8.78 and a beta of 0.84. The stock’s 50-day moving average price is $47.21 and its two-hundred day moving average price is $38.54.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.17) by ($0.01). The company had revenue of $21.00 million during the quarter, compared to analysts’ expectations of $12.07 million. During the same period last year, the firm earned ($1.18) EPS. The business’s quarterly revenue was up 2000.0% compared to the same quarter last year. On average, research analysts expect that SpringWorks Therapeutics will post -4.69 earnings per share for the current year.

Insider Activity

In other news, insider Daniel Pichl sold 15,000 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $50.10, for a total value of $751,500.00. Following the transaction, the insider now owns 45,212 shares of the company’s stock, valued at approximately $2,265,121.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 7.61% of the company’s stock.

Hedge Funds Weigh In On SpringWorks Therapeutics

Several hedge funds have recently bought and sold shares of SWTX. Point72 Asset Management L.P. lifted its stake in SpringWorks Therapeutics by 310.7% during the 4th quarter. Point72 Asset Management L.P. now owns 2,162,176 shares of the company’s stock worth $78,919,000 after acquiring an additional 1,635,722 shares in the last quarter. Vanguard Group Inc. lifted its stake in SpringWorks Therapeutics by 22.6% during the 4th quarter. Vanguard Group Inc. now owns 6,036,542 shares of the company’s stock worth $220,334,000 after acquiring an additional 1,114,080 shares in the last quarter. RTW Investments LP acquired a new position in SpringWorks Therapeutics during the 4th quarter worth about $22,812,000. Perceptive Advisors LLC lifted its stake in SpringWorks Therapeutics by 28.7% during the 4th quarter. Perceptive Advisors LLC now owns 1,957,246 shares of the company’s stock worth $71,439,000 after acquiring an additional 436,830 shares in the last quarter. Finally, Norges Bank acquired a new position in SpringWorks Therapeutics during the 4th quarter worth about $12,331,000.

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.