SpringWorks Therapeutics (NASDAQ:SWTX) Shares Gap Up After Analyst Upgrade

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) shares gapped up before the market opened on Wednesday after Evercore ISI raised their price target on the stock from $60.00 to $65.00. The stock had previously closed at $55.13, but opened at $57.51. Evercore ISI currently has an outperform rating on the stock. SpringWorks Therapeutics shares last traded at $57.12, with a volume of 782,541 shares trading hands.

SWTX has been the topic of several other reports. HC Wainwright restated a “buy” rating and issued a $74.00 target price on shares of SpringWorks Therapeutics in a research report on Wednesday. Wedbush reissued an “outperform” rating and set a $77.00 price target on shares of SpringWorks Therapeutics in a report on Monday. Finally, Guggenheim cut their price objective on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research note on Wednesday, January 8th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, SpringWorks Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $70.83.

Insider Activity

In other SpringWorks Therapeutics news, Director Daniel Lynch sold 175,000 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $54.46, for a total value of $9,530,500.00. Following the completion of the sale, the director now directly owns 130,944 shares of the company’s stock, valued at approximately $7,131,210.24. This represents a 57.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Badreddin Edris sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $41.97, for a total transaction of $839,400.00. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 302,750 shares of company stock worth $16,139,410. 7.61% of the stock is owned by company insiders.

Institutional Trading of SpringWorks Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SWTX. Pictet Asset Management Holding SA grew its position in SpringWorks Therapeutics by 24.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,391,412 shares of the company’s stock worth $86,402,000 after buying an additional 465,494 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of SpringWorks Therapeutics by 102.5% during the 3rd quarter. Principal Financial Group Inc. now owns 918,445 shares of the company’s stock worth $29,427,000 after acquiring an additional 464,903 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of SpringWorks Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 7,158,871 shares of the company’s stock worth $258,650,000 after acquiring an additional 445,593 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of SpringWorks Therapeutics during the fourth quarter worth $10,527,000. Finally, Walleye Capital LLC raised its position in shares of SpringWorks Therapeutics by 2,439.4% during the third quarter. Walleye Capital LLC now owns 286,093 shares of the company’s stock worth $9,166,000 after purchasing an additional 274,827 shares during the period.

SpringWorks Therapeutics Price Performance

The firm has a market capitalization of $4.41 billion, a PE ratio of -15.28 and a beta of 0.81. The firm has a fifty day moving average price of $38.35 and a 200 day moving average price of $36.40.

SpringWorks Therapeutics (NASDAQ:SWTX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.72) 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 company had revenue of $49.10 million during the quarter, compared to analysts’ expectations of $53.28 million. During the same period last year, the company posted ($1.27) earnings per share. The business’s revenue for the quarter was up 4810.0% on a year-over-year basis. On average, sell-side analysts expect that SpringWorks Therapeutics, Inc. will post -3.03 EPS for the current year.

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.