SpringWorks Therapeutics (NASDAQ:SWTX) Trading 5.8% Higher – What’s Next?

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s share price traded up 5.8% during mid-day trading on Thursday . The stock traded as high as $36.78 and last traded at $36.72. 1,173,270 shares were traded during trading, an increase of 20% from the average session volume of 979,290 shares. The stock had previously closed at $34.71.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. HC Wainwright dropped their price objective on SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. raised their target price on SpringWorks Therapeutics from $64.00 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, Wedbush restated an “outperform” rating and issued a $77.00 target price on shares of SpringWorks Therapeutics in a research note on Thursday, November 7th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $68.17.

SpringWorks Therapeutics Price Performance

The stock has a 50-day moving average of $32.70 and a 200 day moving average of $37.14. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of -9.39 and a beta of 0.79.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.04. 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 analysts’ expectations of $53.28 million. During the same quarter last year, the business earned ($1.27) earnings per share. The company’s revenue was up 4810.0% compared to the same quarter last year. Sell-side analysts anticipate that SpringWorks Therapeutics, Inc. will post -3.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SpringWorks Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. lifted its holdings in shares of SpringWorks Therapeutics by 47.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,183 shares of the company’s stock valued at $45,000 after purchasing an additional 383 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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 valued at $87,000 after purchasing an additional 474 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of SpringWorks Therapeutics during the 2nd quarter valued at about $123,000. CANADA LIFE ASSURANCE Co lifted its holdings in shares of SpringWorks Therapeutics by 20.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,465 shares of the company’s stock valued at $220,000 after purchasing an additional 754 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of SpringWorks Therapeutics during the 3rd quarter valued at about $147,000.

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.