SpringWorks Therapeutics (NASDAQ:SWTX) PT Raised to $68.00

SpringWorks Therapeutics (NASDAQ:SWTX) had its price target upped by JPMorgan Chase & Co. from $64.00 to $68.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also recently weighed in on SWTX. Wedbush reissued an outperform rating and issued a $77.00 price target (up previously from $75.00) on shares of SpringWorks Therapeutics in a research note on Wednesday, August 28th. HC Wainwright reissued a buy rating and set a $76.00 target price on shares of SpringWorks Therapeutics in a research report on Wednesday, August 28th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of Buy and an average target price of $68.50.

SpringWorks Therapeutics Price Performance

NASDAQ:SWTX opened at $38.75 on Wednesday. SpringWorks Therapeutics has a one year low of $18.00 and a one year high of $53.92. The company has a market cap of $2.87 billion, a PE ratio of -7.54 and a beta of 0.79. The firm’s 50 day simple moving average is $38.19 and its 200 day simple moving average is $42.27.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.54) EPS for the quarter, topping analysts’ consensus estimates of ($1.12) by $0.58. The business had revenue of $59.73 million for the quarter, compared to analyst estimates of $34.42 million. SpringWorks Therapeutics’s revenue for the quarter was up 59732900.0% on a year-over-year basis. During the same quarter last year, the firm posted ($1.25) EPS. Equities research analysts expect that SpringWorks Therapeutics will post -3.34 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. First Horizon Advisors Inc. grew its stake in 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 purchasing an additional 383 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of SpringWorks Therapeutics during the 2nd quarter worth approximately $123,000. Quarry LP increased its stake in shares of SpringWorks Therapeutics by 56.3% in the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock valued at $188,000 after acquiring an additional 1,800 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of SpringWorks Therapeutics by 20.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,465 shares of the company’s stock valued at $220,000 after acquiring an additional 754 shares during the period. Finally, SG Americas Securities LLC lifted its position in shares of SpringWorks Therapeutics by 8.3% during the 1st quarter. SG Americas Securities LLC now owns 4,673 shares of the company’s stock valued at $230,000 after acquiring an additional 358 shares during the period.

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.