TD Cowen analyst Yaron Werber has maintained their bullish stance on SWTX stock, giving a Buy rating yesterday.
Yaron Werber’s rating is based on a multitude of promising factors surrounding Springworks Therapeutics, particularly the impressive performance of its drug Ogsiveo. In Q4, the drug exceeded expectations with sales of $5.4 million, considerably outperforming the consensus estimate of $1.1 million and TD Cowen’s own projection of $2.3 million. This victory was achieved in just one month of market presence and despite minimal impact from inventory stocking or compassionate use conversions. Furthermore, Ogsiveo has secured a Category 1, Preferred Treatment recommendation from the NCCN for desmoid tumors (DT), in addition to broad reimbursement coverage, underscoring its strong market acceptance and potential for sustained growth.
Additionally, the anticipation of regulatory progress in Europe and promising prospects in other indications contribute to the optimism surrounding Springworks. The company has submitted a Marketing Authorization Application (MAA) for Ogsiveo in DT to the European Medicines Agency (EMA), and there is a positive outlook for its potential in ovarian granulosa cell tumors (OvGCT) and multiple myeloma (MM) treatments. Werber’s projection of peak sales reaching $761 million globally by FY32 in DT alone, coupled with the potential upside from other indications, forms a strong case for the Buy rating. With a solid financial foundation, bolstered by $663 million in cash reserves and numerous upcoming catalysts, Springworks Therapeutics is positioned for significant future growth, warranting the analyst’s optimistic outlook.
Werber covers the Healthcare sector, focusing on stocks such as Ascendis Pharma, Celldex, and Exelixis. According to TipRanks, Werber has an average return of 22.9% and a 61.94% success rate on recommended stocks.
In another report released yesterday, Wedbush also maintained a Buy rating on the stock with a $70.00 price target.
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Springworks Therapeutics (SWTX) Company Description:
Springworks Therapeutics, Inc. operates as a clinical-stage biopharmaceutical company. It identifies pathways for drug development for patients with severe rare diseases and cancer. The firm’s products include Nirogacestat, Mirdametinib and BGB-3245. The company was founded in August 2017 and is headquartered in Stamford, CT.
Read More on SWTX:
- SpringWorks Therapeutics Reports Fourth Quarter and Full Year 2023 Financial Results and Highlights Recent Business Updates
- SpringWorks Therapeutics price target raised to $70 from $60 at Wedbush
- SpringWorks Therapeutics to Present at Upcoming Investor Conferences
- SpringWorks Therapeutics CDO Resigns, Assumes Advisory Role
- SpringWorks Therapeutics to Participate in the Guggenheim Healthcare Talks 6th Annual Biotechnology Conference
