Guggenheim Lowers SpringWorks Therapeutics (NASDAQ:SWTX) Price Target to $78.00

SpringWorks Therapeutics (NASDAQ:SWTX) had its price target reduced by equities research analysts at Guggenheim from $80.00 to $78.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price indicates a potential upside of 92.64% from the company’s previous close.

SWTX has been the subject of a number of other research reports. Wedbush reiterated an “outperform” rating and set a $77.00 target price on shares of SpringWorks Therapeutics in a research report on Monday, November 18th. HC Wainwright cut their price objective on shares of SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Finally, Evercore ISI started coverage on shares of SpringWorks Therapeutics in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $60.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $70.00.

SpringWorks Therapeutics Trading Down 1.7 %

NASDAQ:SWTX opened at $40.49 on Wednesday. SpringWorks Therapeutics has a 12 month low of $28.21 and a 12 month high of $53.92. The firm’s 50 day moving average is $37.58 and its 200 day moving average is $36.39. The stock has a market capitalization of $3.01 billion, a PE ratio of -10.44 and a beta of 0.82.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.03. The firm had revenue of $49.10 million for 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%. The business’s revenue was up 4810.0% on a year-over-year basis. During the same period in the previous year, the company posted ($1.27) earnings per share. Research analysts predict that SpringWorks Therapeutics will post -3.12 earnings per share for the current year.

Insider Activity at SpringWorks Therapeutics

In related news, COO Badreddin Edris sold 20,000 shares of SpringWorks Therapeutics stock in a transaction 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 completion of the sale, the chief operating officer now owns 209,600 shares of the company’s stock, valued at approximately $8,796,912. This trade represents a 8.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.61% of the stock is owned by corporate insiders.

Institutional Trading of SpringWorks Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Profund Advisors LLC increased its position in shares of SpringWorks Therapeutics by 1.3% in the second 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 last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of SpringWorks Therapeutics by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock worth $87,000 after buying an additional 474 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of SpringWorks Therapeutics by 1.9% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 46,389 shares of the company’s stock valued at $1,486,000 after buying an additional 871 shares in the last quarter. E Fund Management Co. Ltd. lifted its holdings in shares of SpringWorks Therapeutics by 11.6% during the 2nd quarter. E Fund Management Co. Ltd. now owns 9,467 shares of the company’s stock worth $357,000 after acquiring an additional 981 shares during the last quarter. Finally, Quarry LP grew its position in SpringWorks Therapeutics by 20.0% in the third quarter. Quarry LP now owns 6,000 shares of the company’s stock worth $192,000 after acquiring an additional 1,000 shares in the last quarter.

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.