HC Wainwright Reiterates “Buy” Rating for SpringWorks Therapeutics (NASDAQ:SWTX)

SpringWorks Therapeutics (NASDAQ:SWTX)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They currently have a $74.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 34.23% from the company’s current price.

Several other research firms have also recently commented on SWTX. Guggenheim reduced their price target on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a report on Wednesday, January 8th. Evercore ISI assumed coverage on SpringWorks Therapeutics in a research report on Wednesday, November 20th. They issued an “outperform” rating and a $60.00 price objective for the company. Finally, Wedbush restated an “outperform” rating and set a $77.00 target price on shares of SpringWorks Therapeutics in a research report on Monday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $70.00.

SpringWorks Therapeutics Stock Performance

Shares of SpringWorks Therapeutics stock opened at $55.13 on Wednesday. SpringWorks Therapeutics has a one year low of $28.21 and a one year high of $60.00. The company has a market cap of $4.10 billion, a P/E ratio of -14.21 and a beta of 0.81. The firm has a fifty day moving average of $38.10 and a two-hundred day moving average of $36.28.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $49.10 million during the quarter, compared to analysts’ expectations of $53.28 million. During the same period in the prior year, the company posted ($1.27) earnings per share. The firm’s revenue for the quarter was up 4810.0% on a year-over-year basis. As a group, equities analysts predict that SpringWorks Therapeutics will post -3.03 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Badreddin Edris sold 20,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $41.97, for a total value of $839,400.00. Following the sale, the chief operating officer now directly owns 209,600 shares in the company, valued at $8,796,912. This represents a 8.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.61% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SpringWorks Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its position in shares of SpringWorks Therapeutics by 0.3% in the third quarter. FMR LLC now owns 11,140,946 shares of the company’s stock valued at $356,956,000 after acquiring an additional 28,555 shares in the last quarter. Vanguard Group Inc. raised its stake in SpringWorks Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 7,158,871 shares of the company’s stock valued at $258,650,000 after purchasing an additional 445,593 shares during the last quarter. Maverick Capital Ltd. lifted its holdings in SpringWorks Therapeutics by 6.8% in the 3rd quarter. Maverick Capital Ltd. now owns 2,778,348 shares of the company’s stock valued at $89,018,000 after purchasing an additional 177,824 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of SpringWorks Therapeutics by 7.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,670,247 shares of the company’s stock worth $53,526,000 after purchasing an additional 109,189 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of SpringWorks Therapeutics by 20.2% during the 4th quarter. Principal Financial Group Inc. now owns 1,103,858 shares of the company’s stock worth $39,882,000 after purchasing an additional 185,413 shares during 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.