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

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s stock price gapped down before the market opened 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 traded.

A number of other analysts have also weighed in on the stock. Wedbush reiterated an “outperform” rating and issued a $77.00 target price on shares of SpringWorks Therapeutics in a research note on Thursday, November 7th. JPMorgan Chase & Co. upped their target price on SpringWorks Therapeutics from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, SpringWorks Therapeutics presently has a consensus rating of “Buy” and an average target price of $68.17.

Institutional Investors Weigh In On SpringWorks Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Alpha DNA Investment Management LLC bought a new position in shares of SpringWorks Therapeutics during the third quarter valued at $411,000. Charles Schwab Investment Management Inc. lifted its position in SpringWorks Therapeutics by 13.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 602,227 shares of the company’s stock valued at $19,295,000 after purchasing an additional 73,613 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in SpringWorks Therapeutics by 20.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 643,192 shares of the company’s stock worth $20,608,000 after acquiring an additional 108,109 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of SpringWorks Therapeutics during the 3rd quarter valued at $676,000. Finally, Commerce Bank purchased a new position in shares of SpringWorks Therapeutics in the third quarter valued at about $207,000.

SpringWorks Therapeutics Trading Down 1.3 %

The firm has a market capitalization of $2.46 billion, a P/E ratio of -7.58 and a beta of 0.79. The company has a 50 day simple moving average of $33.09 and a two-hundred day simple moving average of $37.32.

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.