SpringWorks Therapeutics (NASDAQ:SWTX) Receives Outperform Rating from Wedbush

SpringWorks Therapeutics (NASDAQ:SWTX)‘s stock had its “outperform” rating reissued by analysts at Wedbush in a report issued on Wednesday, RTT News reports. They currently have a $75.00 price objective on the stock. Wedbush’s price objective would indicate a potential upside of 121.04% from the stock’s previous close.

Separately, HC Wainwright restated a “buy” rating and issued a $74.00 price objective on shares of SpringWorks Therapeutics in a report on Friday, May 31st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $68.83.

SpringWorks Therapeutics Price Performance

SpringWorks Therapeutics stock traded up $0.71 during mid-day trading on Wednesday, reaching $33.93. The stock had a trading volume of 2,588,333 shares, compared to its average volume of 987,277. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of -6.60 and a beta of 0.78. SpringWorks Therapeutics has a one year low of $18.00 and a one year high of $53.92. The company has a 50-day moving average price of $37.96 and a two-hundred day moving average price of $43.30.

Hedge Funds Weigh In On SpringWorks Therapeutics

Large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. increased its position in shares of SpringWorks Therapeutics by 49.0% during the first quarter. Russell Investments Group Ltd. now owns 170,047 shares of the company’s stock worth $8,370,000 after purchasing an additional 55,893 shares in the last quarter. Seven Eight Capital LP purchased a new stake in SpringWorks Therapeutics during the fourth quarter worth $1,544,000. Price T Rowe Associates Inc. MD increased its position in shares of SpringWorks Therapeutics by 48.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,110,462 shares of the company’s stock valued at $202,318,000 after buying an additional 1,333,892 shares in the last quarter. Perceptive Advisors LLC grew its position in shares of SpringWorks Therapeutics by 28.7% in the fourth quarter. Perceptive Advisors LLC now owns 1,957,246 shares of the company’s stock valued at $71,439,000 after purchasing an additional 436,830 shares during the period. Finally, Point72 Asset Management L.P. raised its holdings in shares of SpringWorks Therapeutics by 310.7% during the fourth quarter. Point72 Asset Management L.P. now owns 2,162,176 shares of the company’s stock valued at $78,919,000 after acquiring an additional 1,635,722 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.