SpringWorks Therapeutics (NASDAQ:SWTX) Trading 6.8% Higher – Time to Buy?

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s stock price shot up 6.8% on Tuesday . The company traded as high as $41.72 and last traded at $41.50. 1,097,974 shares were traded during trading, an increase of 12% from the average session volume of 982,610 shares. The stock had previously closed at $38.86.

Analysts Set New Price Targets

SWTX has been the subject of several recent analyst reports. Wedbush reiterated an “outperform” rating and issued a $77.00 price objective on shares of SpringWorks Therapeutics in a research note on Monday, November 18th. HC Wainwright reduced their price target on shares of SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Finally, Evercore ISI initiated coverage on SpringWorks Therapeutics in a report on Wednesday, November 20th. They issued an “outperform” rating and a $60.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $69.50.

SpringWorks Therapeutics Trading Up 7.7 %

The business has a 50 day moving average of $36.95 and a 200-day moving average of $36.30. The stock has a market cap of $3.11 billion, a PE ratio of -10.79 and a beta of 0.82.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.72) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.75) by $0.03. The business had revenue of $49.10 million during the quarter, compared to analyst estimates of $53.28 million. SpringWorks Therapeutics had a negative net margin of 203.09% and a negative return on equity of 48.21%. The company’s revenue was up 4810.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.27) earnings per share. On average, equities research analysts anticipate that SpringWorks Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Insider Activity

In related news, COO Badreddin Edris sold 20,000 shares of the company’s stock in a transaction on 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 sale, the chief operating officer now directly owns 209,600 shares of the company’s stock, valued at approximately $8,796,912. This represents a 8.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.61% of the company’s stock.

Institutional Investors Weigh In On SpringWorks Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in SpringWorks Therapeutics by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock worth $87,000 after acquiring an additional 474 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of SpringWorks Therapeutics in the second quarter valued at $123,000. Quantbot Technologies LP acquired a new stake in SpringWorks Therapeutics during the 3rd quarter valued at $147,000. Quarry LP increased its stake in SpringWorks Therapeutics by 56.3% during the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $188,000 after buying an additional 1,800 shares during the period. Finally, Commerce Bank acquired a new position in SpringWorks Therapeutics in the 3rd quarter worth $207,000.

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.