Wedbush Reiterates “Outperform” Rating for SpringWorks Therapeutics (NASDAQ:SWTX)

Wedbush reissued their outperform rating on shares of SpringWorks Therapeutics (NASDAQ:SWTX) in a research report released on Monday morning, Marketbeat.com reports. They currently have a $77.00 price objective on the stock.

A number of other brokerages have also weighed in on SWTX. Evercore ISI initiated coverage on shares of SpringWorks Therapeutics in a research note on Wednesday, November 20th. They set an “outperform” rating and a $60.00 target price for the company. HC Wainwright cut their price target 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. Finally, Guggenheim dropped their price objective on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a report on Wednesday, January 8th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $70.83.

SpringWorks Therapeutics Stock Performance

SpringWorks Therapeutics stock opened at $59.28 on Monday. The stock’s 50 day simple moving average is $38.35 and its two-hundred day simple moving average is $36.40. SpringWorks Therapeutics has a fifty-two week low of $28.21 and a fifty-two week high of $60.00. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of -15.28 and a beta of 0.81.

SpringWorks Therapeutics (NASDAQ:SWTX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.03. The business had revenue of $49.10 million for the quarter, compared to analysts’ expectations of $53.28 million. SpringWorks Therapeutics had a negative return on equity of 48.21% and a negative net margin of 203.09%. The firm’s quarterly revenue was up 4810.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.27) EPS. On average, analysts predict that SpringWorks Therapeutics will post -3.03 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Daniel Lynch sold 175,000 shares of SpringWorks Therapeutics stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $54.46, for a total transaction of $9,530,500.00. Following the transaction, the director now directly owns 130,944 shares of the company’s stock, valued at $7,131,210.24. This trade represents a 57.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Daniel Pichl sold 29,750 shares of SpringWorks Therapeutics stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $54.36, for a total transaction of $1,617,210.00. Following the transaction, the insider now directly owns 50,762 shares in the company, valued at approximately $2,759,422.32. The trade was a 36.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 302,750 shares of company stock valued at $16,139,410 in the last ninety days. 7.61% of the stock is owned by company insiders.

Institutional Investors Weigh In On SpringWorks Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in SWTX. Huntington National Bank lifted its position in SpringWorks Therapeutics by 38.2% during the fourth quarter. Huntington National Bank now owns 694 shares of the company’s stock valued at $25,000 after purchasing an additional 192 shares during the period. AlphaQuest LLC increased its stake in shares of SpringWorks Therapeutics by 70.2% during the fourth quarter. AlphaQuest LLC now owns 1,004 shares of the company’s stock worth $36,000 after purchasing an additional 414 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of SpringWorks Therapeutics during the fourth quarter worth about $45,000. Mirae Asset Global Investments Co. Ltd. boosted its position in SpringWorks Therapeutics by 21.4% during the third 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 during the last quarter. Finally, KBC Group NV boosted its holdings in SpringWorks Therapeutics by 59.1% in the 4th quarter. KBC Group NV now owns 2,634 shares of the company’s stock valued at $95,000 after purchasing an additional 978 shares during the last quarter.

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.