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

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

Analysts Set New Price Targets

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

SpringWorks Therapeutics Stock Up 5.3 %

The stock has a market cap of $2.71 billion, a P/E ratio of -8.95 and a beta of 0.79. The business has a 50-day simple moving average of $32.82 and a 200-day simple moving average of $37.21.

SpringWorks Therapeutics (NASDAQ:SWTX) last announced 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. The firm had revenue of $49.10 million during 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 company’s revenue was up 4810.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.27) earnings per share. On average, analysts predict that SpringWorks Therapeutics, Inc. will post -3.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. First Horizon Advisors Inc. lifted its holdings in shares of SpringWorks Therapeutics by 47.9% during the second quarter. First Horizon Advisors Inc. now owns 1,183 shares of the company’s stock worth $45,000 after buying an additional 383 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of SpringWorks Therapeutics by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock worth $87,000 after buying an additional 474 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of SpringWorks Therapeutics during the second quarter worth approximately $123,000. Quantbot Technologies LP acquired a new position in shares of SpringWorks Therapeutics during the third quarter worth approximately $147,000. Finally, Quarry LP lifted its holdings in shares of SpringWorks Therapeutics by 56.3% during the second quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $188,000 after buying an additional 1,800 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.