Evercore ISI Forecasts Strong Price Appreciation for SpringWorks Therapeutics (NASDAQ:SWTX) Stock

SpringWorks Therapeutics (NASDAQ:SWTX) had its price objective upped by equities research analysts at Evercore ISI from $60.00 to $65.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s target price indicates a potential upside of 17.90% from the stock’s current price.

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

SpringWorks Therapeutics Trading Up 2.1 %

NASDAQ SWTX opened at $55.13 on Wednesday. SpringWorks Therapeutics has a 12-month low of $28.21 and a 12-month high of $60.00. The firm’s fifty day simple moving average is $38.35 and its two-hundred day simple moving average is $36.40. The firm has a market capitalization of $4.10 billion, a P/E ratio of -14.21 and a beta of 0.81.

SpringWorks Therapeutics (NASDAQ:SWTX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $49.10 million for the quarter, compared to the consensus estimate of $53.28 million. During the same period in the previous year, the business earned ($1.27) EPS. The firm’s revenue for the quarter was up 4810.0% on a year-over-year basis. As a group, sell-side analysts predict that SpringWorks Therapeutics will post -3.03 earnings per share for the current fiscal year.

Insider Transactions at SpringWorks Therapeutics

In related news, 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 $8,796,912. This represents a 8.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 7.61% of the company’s stock.

Institutional Investors Weigh In On SpringWorks Therapeutics

Large investors have recently bought and sold shares of the company. FMR LLC lifted its position in shares of SpringWorks Therapeutics by 0.3% in the third quarter. FMR LLC now owns 11,140,946 shares of the company’s stock valued at $356,956,000 after acquiring an additional 28,555 shares in the last quarter. Vanguard Group Inc. increased its position in shares of SpringWorks Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 7,158,871 shares of the company’s stock worth $258,650,000 after purchasing an additional 445,593 shares in the last quarter. Maverick Capital Ltd. raised its stake in SpringWorks Therapeutics by 6.8% in the 3rd quarter. Maverick Capital Ltd. now owns 2,778,348 shares of the company’s stock valued at $89,018,000 after purchasing an additional 177,824 shares during the last quarter. Geode Capital Management LLC lifted its holdings in SpringWorks Therapeutics by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,670,247 shares of the company’s stock valued at $53,526,000 after purchasing an additional 109,189 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake 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 during 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.