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

SpringWorks Therapeutics (NASDAQ:SWTX)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report released on Friday,Benzinga reports. They currently have a $74.00 price objective on the stock. HC Wainwright’s target price would suggest a potential upside of 26.94% from the stock’s current price.

SWTX has been the subject of a number of other research reports. Evercore ISI raised their target price on SpringWorks Therapeutics from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Wedbush reaffirmed an “outperform” rating and set a $81.00 price target on shares of SpringWorks Therapeutics in a research note on Thursday. Finally, Guggenheim decreased 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 report on Wednesday, January 8th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $71.50.

SpringWorks Therapeutics Stock Performance

SpringWorks Therapeutics stock opened at $58.29 on Friday. SpringWorks Therapeutics has a one year low of $28.21 and a one year high of $62.00. The business has a fifty day moving average of $41.10 and a two-hundred day moving average of $37.67. The company has a market cap of $4.34 billion, a P/E ratio of -16.75 and a beta of 0.81.

SpringWorks Therapeutics (NASDAQ:SWTX) last released its earnings results on Thursday, February 20th. The company reported ($1.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.38). SpringWorks Therapeutics had a negative net margin of 134.73% and a negative return on equity of 46.74%. The business had revenue of $61.55 million during the quarter, compared to analyst estimates of $60.53 million. Sell-side analysts predict that SpringWorks Therapeutics will post -2.05 EPS for the current year.

Insider Buying and Selling

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 transaction, the director now directly owns 130,944 shares in the company, valued at approximately $7,131,210.24. This represents a 57.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Badreddin Edris sold 20,000 shares of the company’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 completion of the transaction, the chief operating officer now owns 209,600 shares in the company, valued at approximately $8,796,912. This trade represents a 8.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 313,822 shares of company stock worth $16,802,876 in the last three months. Corporate insiders own 7.61% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alpha DNA Investment Management LLC acquired a new position in shares of SpringWorks Therapeutics during the 3rd quarter valued at about $411,000. Ally Bridge Group NY LLC acquired a new stake in SpringWorks Therapeutics during the 3rd quarter worth approximately $7,296,000. AMI Asset Management Corp acquired a new stake in SpringWorks Therapeutics during the 4th quarter worth approximately $1,438,000. Los Angeles Capital Management LLC increased its position in SpringWorks Therapeutics by 238.3% during the 3rd quarter. Los Angeles Capital Management LLC now owns 47,212 shares of the company’s stock worth $1,513,000 after purchasing an additional 33,255 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in 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 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.