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SpringWorks (SWTX) Surges More Than 80% in 3 Months: Here's Why
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Shares of SpringWorks Therapeutics, Inc. (SWTX - Free Report) have rallied 81% in the past three months compared with the industry’s increase of 15.9%.
In November 2023, the FDA approved SpringWorks’ oral gamma-secretase inhibitor, Ogsiveo (nirogacestat), for treating adult patients with progressing desmoid tumors who require systemic treatment.
Following the FDA nod, Ogsiveo became the first drug to be approved by the regulatory body for the given indication. The company believes that Ogsiveo has the potential to become the new standard of care for patients suffering from desmoid tumors, a rare, aggressive tumor of the soft tissues.
This could have been one of the factors driving the stock’s rise in the said time frame.
Image Source: Zacks Investment Research
We note that several other studies are currently ongoing on Ogsiveo, targeting different cancer indications.
Earlier this month, SpringWorks outlined key strategic milestones that it looks to achieve in 2024, including the ongoing launch of Ogsiveo.
The company continues to advance the launch of Ogsiveo in the United States and aims to establish the drug as the new standard of care for desmoid tumors.
A marketing authorization application seeking approval for Ogsiveo in desmoid tumors is expected to be filed in the first half of 2024 in the European Union.
A phase II study is investigating Ogsiveo as a monotherapy for treating patients with recurrent ovarian granulosa cell tumors. Initial data from the study is anticipated in the second half of 2024.
Ogsiveo is also being studied in combination with various B-cell maturation antigens for treating multiple myeloma.
Meanwhile, SpringWorks is evaluating its investigational MEK inhibitor, mirdametinib, for the treatment of neurofibromatosis type 1-associated plexiform neurofibromas (NF1-PN) in pediatric and adult patients.
A new drug application for mirdametinib in NF1-PN is expected to be filed with the FDA in the first half of 2024.
SpringWorks’ other pipeline candidates include brimarafenib and SW-682, which are being developed to treat different types of cancer indications.
The successful launch of Ogsiveo and progress with its other pipeline candidates are expected to continue SpringWorks’ upward momentum in 2024.
In the past 60 days, estimates for Regeneron’s 2024 earnings per share have improved from $41.57 to $43.97. In the past year, shares of REGN have rallied 27.7%.
Earnings of Regeneron beat estimates in each of the trailing last four quarters. REGN delivered a four-quarter average earnings surprise of 12.34%.
In the past 60 days, estimates for CytomX Therapeutics’ 2024 loss per share have narrowed from 21 cents to 6 cents. In the past year, shares of CTMX have plunged 45%.
CytomX Therapeutics beat estimates in three of the last four quarters while missing the same on the remaining occasion. CTMX delivered a four-quarter earnings surprise of 45.44%, on average.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 62 cents to 69 cents. In the past year, shares of PBYI have risen 13.1%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.
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SpringWorks (SWTX) Surges More Than 80% in 3 Months: Here's Why
Shares of SpringWorks Therapeutics, Inc. (SWTX - Free Report) have rallied 81% in the past three months compared with the industry’s increase of 15.9%.
In November 2023, the FDA approved SpringWorks’ oral gamma-secretase inhibitor, Ogsiveo (nirogacestat), for treating adult patients with progressing desmoid tumors who require systemic treatment.
Following the FDA nod, Ogsiveo became the first drug to be approved by the regulatory body for the given indication. The company believes that Ogsiveo has the potential to become the new standard of care for patients suffering from desmoid tumors, a rare, aggressive tumor of the soft tissues.
This could have been one of the factors driving the stock’s rise in the said time frame.
We note that several other studies are currently ongoing on Ogsiveo, targeting different cancer indications.
Earlier this month, SpringWorks outlined key strategic milestones that it looks to achieve in 2024, including the ongoing launch of Ogsiveo.
The company continues to advance the launch of Ogsiveo in the United States and aims to establish the drug as the new standard of care for desmoid tumors.
A marketing authorization application seeking approval for Ogsiveo in desmoid tumors is expected to be filed in the first half of 2024 in the European Union.
A phase II study is investigating Ogsiveo as a monotherapy for treating patients with recurrent ovarian granulosa cell tumors. Initial data from the study is anticipated in the second half of 2024.
Ogsiveo is also being studied in combination with various B-cell maturation antigens for treating multiple myeloma.
Meanwhile, SpringWorks is evaluating its investigational MEK inhibitor, mirdametinib, for the treatment of neurofibromatosis type 1-associated plexiform neurofibromas (NF1-PN) in pediatric and adult patients.
A new drug application for mirdametinib in NF1-PN is expected to be filed with the FDA in the first half of 2024.
SpringWorks’ other pipeline candidates include brimarafenib and SW-682, which are being developed to treat different types of cancer indications.
The successful launch of Ogsiveo and progress with its other pipeline candidates are expected to continue SpringWorks’ upward momentum in 2024.
SpringWorks Therapeutics Price
SpringWorks Therapeutics price | SpringWorks Therapeutics Quote
Zacks Rank & Stocks to Consider
SpringWorks currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the healthcare sector are Regeneron Pharmaceuticals, Inc. (REGN - Free Report) , CytomX Therapeutics, Inc. (CTMX - Free Report) and Puma Biotechnology, Inc. (PBYI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Regeneron’s 2024 earnings per share have improved from $41.57 to $43.97. In the past year, shares of REGN have rallied 27.7%.
Earnings of Regeneron beat estimates in each of the trailing last four quarters. REGN delivered a four-quarter average earnings surprise of 12.34%.
In the past 60 days, estimates for CytomX Therapeutics’ 2024 loss per share have narrowed from 21 cents to 6 cents. In the past year, shares of CTMX have plunged 45%.
CytomX Therapeutics beat estimates in three of the last four quarters while missing the same on the remaining occasion. CTMX delivered a four-quarter earnings surprise of 45.44%, on average.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 62 cents to 69 cents. In the past year, shares of PBYI have risen 13.1%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.