SpringWorks Therapeutics (NASDAQ:SWTX) Stock Price Down 5.7%

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) shares were down 5.7% on Monday . The stock traded as low as $35.71 and last traded at $35.86. Approximately 462,743 shares changed hands during trading, a decline of 52% from the average daily volume of 972,282 shares. The stock had previously closed at $38.04.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SWTX. HC Wainwright reiterated a “buy” rating and issued a $74.00 target price on shares of SpringWorks Therapeutics in a research note on Friday, May 31st. Wedbush reiterated an “outperform” rating and issued a $75.00 target price (up previously from $70.00) on shares of SpringWorks Therapeutics in a research note on Thursday, May 2nd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, SpringWorks Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $68.83.

SpringWorks Therapeutics Stock Performance

The stock has a market cap of $2.73 billion, a P/E ratio of -7.40 and a beta of 0.78. The company’s 50 day moving average price is $39.06 and its 200-day moving average price is $43.57.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.17) by ($0.01). The company had revenue of $21.00 million for the quarter, compared to the consensus estimate of $12.07 million. The business’s revenue for the quarter was up 2000.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.18) EPS. On average, analysts forecast that SpringWorks Therapeutics, Inc. will post -4.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SpringWorks Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its position in SpringWorks Therapeutics by 8.3% during the first quarter. SG Americas Securities LLC now owns 4,673 shares of the company’s stock valued at $230,000 after buying an additional 358 shares during the period. First Horizon Advisors Inc. boosted its position in SpringWorks Therapeutics by 47.9% during the second quarter. First Horizon Advisors Inc. now owns 1,183 shares of the company’s stock worth $45,000 after purchasing an additional 383 shares during the period. American International Group Inc. boosted its position in SpringWorks Therapeutics by 1.2% during the first quarter. American International Group Inc. now owns 33,751 shares of the company’s stock worth $1,661,000 after purchasing an additional 394 shares during the period. Teacher Retirement System of Texas boosted its position in SpringWorks Therapeutics by 5.1% during the fourth quarter. Teacher Retirement System of Texas now owns 10,268 shares of the company’s stock worth $375,000 after purchasing an additional 498 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its position in SpringWorks Therapeutics by 20.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 4,465 shares of the company’s stock worth $220,000 after purchasing an additional 754 shares during the period.

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.