Evercore ISI Begins Coverage on SpringWorks Therapeutics (NASDAQ:SWTX)

Equities researchers at Evercore ISI initiated coverage on shares of SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage set an "outperform" rating and a $60.00 price target on the stock. Evercore ISI's target price suggests a potential upside of 60.26% from the company's previous close.

Several other equities research analysts have also issued reports on the company. 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 report on Wednesday, September 4th. Wedbush reaffirmed an "outperform" rating and issued a $77.00 price objective on shares of SpringWorks Therapeutics in a research report on Monday. Finally, HC Wainwright reduced their target price on shares of SpringWorks Therapeutics from $76.00 to $74.00 and set a "buy" rating for the company in a research report on Tuesday, November 12th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $67.00.

SpringWorks Therapeutics Trading Down 1.3 %

SWTX stock traded down $0.49 during mid-day trading on Wednesday, reaching $37.44. The company's stock had a trading volume of 1,181,044 shares, compared to its average volume of 998,408. SpringWorks Therapeutics has a 12 month low of $20.19 and a 12 month high of $53.92. The business's 50 day moving average price is $32.59 and its 200 day moving average price is $36.89. The company has a market cap of $2.79 billion, a price-to-earnings ratio of -9.78 and a beta of 0.79.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.72) EPS for the quarter, beating analysts' consensus estimates of ($0.75) by $0.03. SpringWorks Therapeutics had a negative return on equity of 48.21% and a negative net margin of 203.09%. The business had revenue of $49.10 million during the quarter, compared to analyst estimates of $53.28 million. During the same period in the previous year, the company posted ($1.27) EPS. The firm's revenue was up 4810.0% compared to the same quarter last year. As a group, equities analysts expect that SpringWorks Therapeutics will post -3.15 EPS for the current fiscal year.

Institutional Investors Weigh In On SpringWorks Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC raised its position in shares of SpringWorks Therapeutics by 0.3% in the third quarter. FMR LLC now owns 11,140,946 shares of the company's stock worth $356,956,000 after buying an additional 28,555 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of SpringWorks Therapeutics by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 6,529,325 shares of the company's stock valued at $321,373,000 after acquiring an additional 492,783 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of 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 purchasing an additional 1,333,892 shares in the last quarter. Maverick Capital Ltd. increased its position in shares of SpringWorks Therapeutics by 6.8% in the third quarter. Maverick Capital Ltd. now owns 2,778,348 shares of the company's stock worth $89,018,000 after purchasing an additional 177,824 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in SpringWorks Therapeutics by 7.0% during the third quarter. Geode Capital Management LLC now owns 1,670,247 shares of the company's stock valued at $53,526,000 after purchasing an additional 109,189 shares during 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.