SpringWorks Therapeutics, Inc. (NASDAQ: SWTX – Free Report) rose before the market opened on Wednesday after the company reported better-than-expected quarterly results. The stock had previously closed at $33.22 but opened at $40.44. SpringWorks Therapeutics shares were last seen trading at $35.25, with a trading volume of 438,163 shares.
The company reported earnings per share (EPS) of -$0.54 for the quarter, beating analysts’ consensus estimates of -$1.12 by $0.58. The company had revenue of $59.73 million during the quarter, compared to analyst expectations of $34.42 million. In the same quarter last year, the company reported earnings per share (EPS) of -$1.25. The company’s quarterly revenue grew by 59732900.0% compared to the same quarter last year.
Analysts set new price targets
Several brokerage firms have recently commented on SWTX. HC Wainwright reiterated a “buy” rating and set a $74.00 price target on shares of SpringWorks Therapeutics in a research report on Friday, May 31. Wedbush reiterated an “outperform” rating and issued a $75.00 price target on shares of SpringWorks Therapeutics in a research note on Wednesday. Six research analysts have rated the stock with a buy rating. Based on data from MarketBeat.com, the company has a consensus rating of “buy” and a consensus price target of $68.83.
Check out our latest stock analysis on SpringWorks Therapeutics
Hedge funds comment on SpringWorks Therapeutics
Hedge funds have recently bought and sold shares of the company. First Horizon Advisors Inc. increased its stake in shares of SpringWorks Therapeutics by 47.9% in the second quarter. First Horizon Advisors Inc. now owns 1,183 shares of the company’s stock valued at $45,000 after acquiring an additional 383 shares during the period. Headlands Technologies LLC acquired a new stake in SpringWorks Therapeutics in the 4th quarter valued at about $74,000. Strs Ohio acquired a new stake in SpringWorks Therapeutics in the 4th quarter valued at $102,000. Allspring Global Investments Holdings LLC acquired a new position in shares of SpringWorks Therapeutics in the 2nd quarter valued at $123,000. Finally, SG Americas Securities LLC acquired a new position in shares of SpringWorks Therapeutics in the 4th quarter valued at $157,000.
SpringWorks Therapeutics trading up 5.9%
The stock has a market cap of $2.66 billion, a P/E ratio of -6.99, and a beta of 0.78. The stock’s 50-day moving average price is $37.69 and its 200-day moving average price is $43.18.
Company profile of SpringWorks Therapeutics
(Get free report)
SpringWorks Therapeutics, Inc., a commercial-stage biopharmaceutical company, is engaged 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, which 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.
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