SpringWorks Therapeutics (NASDAQ:SWTX) Trading 5.8% Higher – Here’s What Happened

by · The Markets Daily

Shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX – Get Free Report) were up 5.8% during trading on Thursday . The stock traded as high as $36.78 and last traded at $36.72. Approximately 1,173,270 shares were traded during trading, an increase of 20% from the average daily volume of 979,290 shares. The stock had previously closed at $34.71.

Analysts Set New Price Targets

Several analysts have recently commented on SWTX shares. HC Wainwright decreased their target price on SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. increased their target price on SpringWorks Therapeutics from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, Wedbush restated an “outperform” rating and set a $77.00 target price on shares of SpringWorks Therapeutics in a report on Thursday, November 7th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, SpringWorks Therapeutics presently has an average rating of “Buy” and an average target price of $68.17.

Check Out Our Latest Stock Analysis on SpringWorks Therapeutics

SpringWorks Therapeutics Stock Up 5.3 %

The firm has a fifty day moving average of $32.82 and a 200-day moving average of $37.21. The firm has a market cap of $2.71 billion, a P/E ratio of -8.95 and a beta of 0.79.

SpringWorks Therapeutics (NASDAQ:SWTX – Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.04. 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 47.16% and a negative net margin of 203.09%. The firm’s quarterly revenue was up 4810.0% compared to the same quarter last year. During the same quarter last year, the business earned ($1.27) earnings per share. Sell-side analysts anticipate that SpringWorks Therapeutics, Inc. will post -3.36 EPS for the current year.

Hedge Funds Weigh In On SpringWorks Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its holdings in SpringWorks Therapeutics by 49.0% during the first quarter. Russell Investments Group Ltd. now owns 170,047 shares of the company’s stock worth $8,370,000 after buying an additional 55,893 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in SpringWorks Therapeutics by 48.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,110,462 shares of the company’s stock worth $202,318,000 after buying an additional 1,333,892 shares during the last quarter. Vanguard Group Inc. boosted its holdings in SpringWorks Therapeutics by 8.2% during the first quarter. Vanguard Group Inc. now owns 6,529,325 shares of the company’s stock worth $321,373,000 after buying an additional 492,783 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in SpringWorks Therapeutics by 16.9% during the second quarter. D. E. Shaw & Co. Inc. now owns 758,712 shares of the company’s stock worth $28,581,000 after buying an additional 109,865 shares during the last quarter. Finally, Seven Eight Capital LP bought a new position in SpringWorks Therapeutics during the second quarter worth about $1,854,000.

SpringWorks Therapeutics Company Profile

(Get Free Report)

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.

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