SpringWorks Therapeutics (NASDAQ:SWTX) Price Target Raised to $65.00 at Evercore ISI

SpringWorks Therapeutics (NASDAQ:SWTX) had its price target lifted by Evercore ISI from $60.00 to $65.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also recently commented on the company. Wedbush reiterated an “outperform” rating and issued a $77.00 price target on shares of SpringWorks Therapeutics in a research note on Monday. Guggenheim dropped their target price 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. Finally, HC Wainwright reissued a “buy” rating and set a $74.00 price target on shares of SpringWorks Therapeutics in a research note on Wednesday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, SpringWorks Therapeutics has a consensus rating of “Buy” and an average target price of $70.83.

SpringWorks Therapeutics Price Performance

Shares of NASDAQ:SWTX opened at $59.28 on Wednesday. SpringWorks Therapeutics has a 1 year low of $28.21 and a 1 year high of $60.00. The company’s 50 day simple moving average is $38.35 and its 200 day simple moving average is $36.40.

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, topping 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 analysts’ expectations of $53.28 million. During the same period in the prior year, the company earned ($1.27) EPS. The firm’s quarterly revenue was up 4810.0% compared to the same quarter last year. Equities analysts anticipate that SpringWorks Therapeutics will post -3.03 EPS for the current year.

Insiders Place Their Bets

In other SpringWorks Therapeutics news, COO Badreddin Edris sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 approximately $8,796,912. This trade represents a 8.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Saqib Islam sold 48,000 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $53.30, for a total transaction of $2,558,400.00. Following the completion of the sale, the chief executive officer now directly owns 1,002,502 shares in the company, valued at approximately $53,433,356.60. This represents a 4.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 302,750 shares of company stock valued at $16,139,410. 7.61% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Huntington National Bank boosted its position in shares of SpringWorks Therapeutics by 38.2% during the 4th quarter. Huntington National Bank now owns 694 shares of the company’s stock valued at $25,000 after purchasing an additional 192 shares in the last quarter. AlphaQuest LLC boosted its holdings in shares of SpringWorks Therapeutics by 70.2% during the 4th quarter. AlphaQuest LLC now owns 1,004 shares of the company’s stock worth $36,000 after buying an additional 414 shares in the last quarter. Venturi Wealth Management LLC bought a new position in shares of SpringWorks Therapeutics during the 4th quarter worth approximately $45,000. KBC Group NV grew its position in shares of SpringWorks Therapeutics by 59.1% during the 4th quarter. KBC Group NV now owns 2,634 shares of the company’s stock worth $95,000 after buying an additional 978 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of SpringWorks Therapeutics by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock valued at $87,000 after acquiring an additional 474 shares in 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.