SpringWorks Therapeutics (NASDAQ:SWTX) Trading 6.8% Higher – What’s Next?

Shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) rose 6.8% during mid-day trading on Tuesday . The stock traded as high as $41.72 and last traded at $41.50. Approximately 1,097,974 shares traded hands during trading, an increase of 12% from the average daily volume of 982,610 shares. The stock had previously closed at $38.86.

Analysts Set New Price Targets

Several research firms have recently commented on SWTX. HC Wainwright reduced their target price on SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Evercore ISI started coverage on shares of SpringWorks Therapeutics in a research note on Wednesday, November 20th. They set an “outperform” rating and a $60.00 price objective on the stock. Finally, Wedbush reissued an “outperform” rating and issued a $77.00 target price on shares of SpringWorks Therapeutics in a research report on Monday, November 18th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, SpringWorks Therapeutics has an average rating of “Buy” and an average target price of $69.50.

SpringWorks Therapeutics Stock Up 7.7 %

The stock has a market cap of $3.11 billion, a P/E ratio of -10.79 and a beta of 0.82. The firm’s 50 day simple moving average is $36.95 and its two-hundred day simple moving average is $36.30.

SpringWorks Therapeutics (NASDAQ:SWTX) last announced 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. SpringWorks Therapeutics had a negative net margin of 203.09% and a negative return on equity of 48.21%. The business had revenue of $49.10 million during the quarter, compared to the consensus estimate of $53.28 million. During the same quarter in the prior year, the firm earned ($1.27) EPS. The company’s revenue for the quarter was up 4810.0% compared to the same quarter last year. As a group, equities analysts predict that SpringWorks Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Activity at SpringWorks Therapeutics

In other SpringWorks Therapeutics news, COO Badreddin Edris sold 20,000 shares of SpringWorks Therapeutics 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 sale, the chief operating officer now owns 209,600 shares of the company’s stock, valued at $8,796,912. The trade was a 8.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 7.61% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SWTX. Duquesne Family Office LLC acquired a new stake in SpringWorks Therapeutics in the second quarter worth about $38,475,000. Maverick Capital Ltd. lifted its stake in shares of SpringWorks Therapeutics by 36.3% in the 2nd quarter. Maverick Capital Ltd. now owns 2,600,524 shares of the company’s stock worth $97,962,000 after acquiring an additional 691,894 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of SpringWorks Therapeutics by 102.5% in the third quarter. Principal Financial Group Inc. now owns 918,445 shares of the company’s stock valued at $29,427,000 after acquiring an additional 464,903 shares in the last quarter. Walleye Capital LLC increased its stake in shares of SpringWorks Therapeutics by 2,439.4% during the third quarter. Walleye Capital LLC now owns 286,093 shares of the company’s stock valued at $9,166,000 after acquiring an additional 274,827 shares during the period. Finally, Ally Bridge Group NY LLC acquired a new position in shares of SpringWorks Therapeutics during the third quarter valued at approximately $7,296,000.

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.