SpringWorks Therapeutics (NASDAQ:SWTX) Price Target Cut to $78.00 by Analysts at Guggenheim

SpringWorks Therapeutics (NASDAQ:SWTX - Free Report) had its price objective lowered by Guggenheim from $80.00 to $78.00 in a research note published on Wednesday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on SWTX. Evercore ISI assumed coverage on SpringWorks Therapeutics in a report on Wednesday, November 20th. They set an "outperform" rating and a $60.00 price objective on the stock. HC Wainwright decreased their price target on shares of SpringWorks Therapeutics from $76.00 to $74.00 and set a "buy" rating on the stock in a research note on Tuesday, November 12th. Finally, Wedbush reissued an "outperform" rating and issued a $77.00 price objective on shares of SpringWorks Therapeutics in a research note on Monday, November 18th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $70.00.

SpringWorks Therapeutics Trading Down 1.7 %

Shares of NASDAQ:SWTX traded down $0.71 during midday trading on Wednesday, reaching $40.49. 2,076,202 shares of the company were exchanged, compared to its average volume of 1,808,699. The stock has a market cap of $3.01 billion, a PE ratio of -10.44 and a beta of 0.82. The business's fifty day moving average is $37.38 and its two-hundred day moving average is $36.36. SpringWorks Therapeutics has a one year low of $28.21 and a one year high of $53.92.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.72) EPS for the quarter, beating the consensus estimate of ($0.75) by $0.03. The business had revenue of $49.10 million during the quarter, compared to the consensus estimate of $53.28 million. SpringWorks Therapeutics had a negative net margin of 203.09% and a negative return on equity of 48.21%. The business's revenue was up 4810.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.27) EPS. As a group, sell-side analysts expect that SpringWorks Therapeutics will post -3.12 EPS for the current year.

Insider Activity

In other news, COO Badreddin Edris sold 20,000 shares of the company's stock in a transaction that occurred 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 transaction, the chief operating officer now owns 209,600 shares of the company's stock, valued at approximately $8,796,912. This represents a 8.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 7.61% of the company's stock.

Hedge Funds Weigh In On SpringWorks Therapeutics

Hedge funds have recently bought and sold shares of the business. Rhumbline Advisers raised its stake in shares of SpringWorks Therapeutics by 5.1% during the second quarter. Rhumbline Advisers now owns 104,656 shares of the company's stock valued at $3,942,000 after acquiring an additional 5,081 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of SpringWorks Therapeutics by 3.7% during the 2nd quarter. Victory Capital Management Inc. now owns 525,983 shares of the company's stock worth $19,814,000 after buying an additional 18,652 shares in the last quarter. Arizona State Retirement System increased its stake in shares of SpringWorks Therapeutics by 20.3% during the second quarter. Arizona State Retirement System now owns 15,491 shares of the company's stock valued at $584,000 after buying an additional 2,618 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in SpringWorks Therapeutics by 40.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 13,568 shares of the company's stock worth $511,000 after acquiring an additional 3,892 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in SpringWorks Therapeutics by 56.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 112,426 shares of the company's stock worth $4,235,000 after acquiring an additional 40,781 shares in 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.