SpringWorks Therapeutics (NASDAQ:SWTX) Reaches New 1-Year Low After Analyst Downgrade

SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)’s stock price hit a new 52-week low during mid-day trading on Thursday after HC Wainwright lowered their price target on the stock from $66.00 to $58.00. HC Wainwright currently has a buy rating on the stock. SpringWorks Therapeutics traded as low as $20.62 and last traded at $20.66, with a volume of 170975 shares changing hands. The stock had previously closed at $21.91.

SWTX has been the topic of a number of other reports. The Goldman Sachs Group lifted their price target on SpringWorks Therapeutics from $43.00 to $49.00 and gave the company a “buy” rating in a report on Thursday, July 20th. Wedbush reiterated an “outperform” rating and issued a $45.00 price target on shares of SpringWorks Therapeutics in a report on Thursday, November 2nd. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $49.17.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its stake in SpringWorks Therapeutics by 7.9% during the 3rd quarter. Rhumbline Advisers now owns 86,392 shares of the company’s stock worth $1,997,000 after buying an additional 6,345 shares during the last quarter. Fiera Capital Corp grew its stake in SpringWorks Therapeutics by 2.9% during the 3rd quarter. Fiera Capital Corp now owns 892,934 shares of the company’s stock worth $20,645,000 after buying an additional 25,510 shares during the last quarter. Financial Security Advisor Inc. purchased a new position in SpringWorks Therapeutics during the 3rd quarter worth $734,000. Charles Schwab Investment Management Inc. grew its stake in SpringWorks Therapeutics by 16.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 423,764 shares of the company’s stock worth $9,797,000 after buying an additional 59,138 shares during the last quarter. Finally, Swiss National Bank lifted its position in SpringWorks Therapeutics by 0.9% during the 3rd quarter. Swiss National Bank now owns 75,600 shares of the company’s stock worth $1,748,000 after acquiring an additional 700 shares during the period.

SpringWorks Therapeutics Trading Down 11.0 %

The stock has a 50-day simple moving average of $24.24 and a 200 day simple moving average of $26.29. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -3.91 and a beta of 0.65.

About SpringWorks Therapeutics

SpringWorks Therapeutics, Inc acquires, develops, and commercializes medicines for underserved patient populations suffering from rare diseases and cancer. Its lead product candidate is nirogacestat, an oral small molecule gamma secretase inhibitor that is in Phase III DeFi trial for the treatment of desmoid tumors.