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

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s share price gapped up prior to trading 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 traded.

A number of other equities research analysts have also commented on the company. Wedbush restated an “outperform” rating and set a $77.00 price objective on shares of SpringWorks Therapeutics in a research report on Monday. HC Wainwright reissued a “buy” rating and issued a $74.00 price target on shares of SpringWorks Therapeutics in a research report on Wednesday. Finally, Guggenheim lowered 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 research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, SpringWorks Therapeutics presently has a consensus rating of “Buy” and an average price target of $70.83.

Insiders Place Their Bets

In related news, CEO Saqib Islam sold 48,000 shares of SpringWorks Therapeutics stock in a transaction on Monday, February 10th. The shares were sold at an average price of $53.30, for a total value of $2,558,400.00. Following the completion of the sale, the chief executive officer now owns 1,002,502 shares of the company’s stock, valued at approximately $53,433,356.60. The trade was a 4.57 % 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 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 transaction, the chief operating officer now directly owns 209,600 shares in the company, valued at $8,796,912. The trade was a 8.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 302,750 shares of company stock valued at $16,139,410 in the last three months. Insiders own 7.61% of the company’s stock.

Institutional Trading of SpringWorks Therapeutics

Several large investors have recently made changes to their positions in SWTX. Huntington National Bank raised its stake in shares of SpringWorks Therapeutics by 38.2% in the 4th quarter. Huntington National Bank now owns 694 shares of the company’s stock valued at $25,000 after acquiring an additional 192 shares in the last quarter. AlphaQuest LLC raised its position in shares of SpringWorks Therapeutics by 70.2% in the fourth quarter. AlphaQuest LLC now owns 1,004 shares of the company’s stock valued at $36,000 after purchasing an additional 414 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of SpringWorks Therapeutics in the fourth quarter worth $45,000. KBC Group NV boosted its holdings in shares of SpringWorks Therapeutics by 59.1% during the 4th quarter. KBC Group NV now owns 2,634 shares of the company’s stock worth $95,000 after buying an additional 978 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in 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 valued at $87,000 after buying an additional 474 shares during the last quarter.

SpringWorks Therapeutics Stock Performance

The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of -15.28 and a beta of 0.81. The business’s 50 day moving average is $38.35 and its 200-day moving average is $36.40.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.72) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.03. SpringWorks Therapeutics had a negative return on equity of 48.21% and a negative net margin of 203.09%. The business had revenue of $49.10 million for the quarter, compared to analyst estimates of $53.28 million. During the same period in the previous 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. Equities research analysts forecast that SpringWorks Therapeutics, Inc. will post -3.03 EPS for the current fiscal 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.