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

Evercore ISI assumed coverage on shares of SpringWorks Therapeutics (NASDAQ:SWTX) in a research note published on Wednesday morning, MarketBeat reports. The brokerage issued an outperform rating and a $60.00 target price on the stock.

Other research analysts have also issued research reports about the company. Wedbush reaffirmed an “outperform” rating and set a $77.00 price target on shares of SpringWorks Therapeutics in a research report on Monday, November 18th. JPMorgan Chase & Co. upped their price objective on shares of SpringWorks Therapeutics from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, HC Wainwright reduced 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 report on Tuesday, November 12th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, SpringWorks Therapeutics has a consensus rating of “Buy” and an average target price of $67.00.

SpringWorks Therapeutics Price Performance

SWTX opened at $39.02 on Wednesday. SpringWorks Therapeutics has a 1 year low of $20.19 and a 1 year high of $53.92. The stock’s 50 day simple moving average is $32.60 and its 200 day simple moving average is $36.84. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of -10.06 and a beta of 0.79.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.03. The firm had revenue of $49.10 million for the quarter, compared to analysts’ expectations 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 last year, the business earned ($1.27) earnings per share. As a group, sell-side analysts anticipate that SpringWorks Therapeutics will post -3.14 EPS for the current year.

Institutional Investors Weigh In On SpringWorks Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its position in shares of SpringWorks Therapeutics by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,670,247 shares of the company’s stock worth $53,526,000 after purchasing an additional 109,189 shares in the last quarter. Barclays PLC grew its stake in shares of SpringWorks Therapeutics by 60.4% in the third quarter. Barclays PLC now owns 155,676 shares of the company’s stock worth $4,987,000 after acquiring an additional 58,645 shares during the last quarter. Main Management ETF Advisors LLC bought a new position in shares of SpringWorks Therapeutics during the third quarter valued at $746,000. Wellington Management Group LLP raised its position in shares of SpringWorks Therapeutics by 5.6% in the 3rd quarter. Wellington Management Group LLP now owns 34,994 shares of the company’s stock worth $1,121,000 after purchasing an additional 1,853 shares during the last quarter. Finally, Soros Fund Management LLC boosted its stake in SpringWorks Therapeutics by 45.3% in the 3rd quarter. Soros Fund Management LLC now owns 559,321 shares of the company’s stock worth $17,921,000 after purchasing an additional 174,321 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.