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SpringWorks (SWTX) Rises More Than 40% in a Year: Here's Why
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Shares of SpringWorks Therapeutics, Inc. (SWTX - Free Report) have rallied 45.8% in the past year against the industry’s decline of 6.7%.
Earlier this month, the company completed the new drug application (NDA) submission for its investigational MEK inhibitor, mirdametinib, which is being developed for the treatment of neurofibromatosis type 1- associated plexiform neurofibromas (NF1-PN), in pediatric and adult patients.
In March 2024, the company initiated the rolling submission of the NDA to the FDA for mirdametinib in NF1-PN, a rare genetic disorder.
SWTX plans to file a marketing application with the European Medicines Agency seeking approval for mirdametinib for the treatment of children and adults with NF1-PN later in the second half of 2024.
Meanwhile, the company’s oral gamma-secretase inhibitor, Ogsiveo (nirogacestat), was approved by the FDA for treating adult patients with progressing desmoid tumors, who require systemic treatment, in November 2023.
Following the FDA nod, not only Ogsiveo became the first approved product in the company’s portfolio, but it also became the first approved drug for treating desmoid tumors, a rare, aggressive tumor of the soft tissues.
SWTX believes that Ogsiveo has the potential to become the new standard of care for desmoid tumors.
Ogsiveo’s net product revenues were $21 million in the first quarter of 2024, driven by strong execution in the first full quarter of its launch.
The strong initial uptake for Ogsiveo and the ongoing development of mirdametinib might be the factors driving the stock’s rise in the said time frame.
Image Source: Zacks Investment Research
In April 2024, the FDA approved a supplemental new drug application for two higher doses of Ogsiveo (150 mg & 100 mg) tablets in blister packaging. This is expected to increase patient convenience and adherence by reducing the number of pills a patient has to take daily and making the dosage simpler.
The European Medicines Agency has also validated the marketing authorization application for Ogsiveo for the treatment of adult patients with desmoid tumors in February 2024. A potential approval in the EU is expected to boost drug sales in the upcoming quarters.
Several additional studies on Ogsiveo, targeting different cancer indications, are currently ongoing.
SpringWorks’ other pipeline candidates include brimarafenib and SW-682, which are being developed to treat different types of cancer indications.
The strong launch of Ogsiveo and progress with its other pipeline candidates are expected to boost the continuous upward momentum of SpringWorks for the remainder of 2024.
In the past 60 days, estimates for Acrivon Therapeutics’ 2024 loss per share have narrowed from $3.05 to $2.47. Loss per share estimates for 2025 have narrowed from $3.04 to $2.55. Year to date, ACRV shares have rallied 60.8%.
ACRV’s earnings beat estimates in three of the trailing four quarters and missed the same on the remaining occasion, the average surprise being 3.56%.
In the past 60 days, estimates for Adaptive Biotechnologies’ 2024 loss per share have narrowed from $1.30 to $1.29, while loss per share estimates for 2025 have narrowed from $1.09 to $1.02. Year to date, ADPT shares have declined 20.6%.
ADPT’s earnings beat estimates in two of the trailing four quarters, meeting the same once and missing on the remaining occasion, the average surprise being 0.65%.
In the past 60 days, estimates for RAPT Therapeutics’ 2024 loss per share have narrowed from $2.94 to $2.93. Loss per share estimates for 2025 have narrowed from $2.06 to $2.05. Year to date, RAPT shares have declined 86%.
RAPT’s earnings beat estimates in two of the trailing four quarters while missing the same on the remaining two occasions, the average surprise being 3.19%.
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SpringWorks (SWTX) Rises More Than 40% in a Year: Here's Why
Shares of SpringWorks Therapeutics, Inc. (SWTX - Free Report) have rallied 45.8% in the past year against the industry’s decline of 6.7%.
Earlier this month, the company completed the new drug application (NDA) submission for its investigational MEK inhibitor, mirdametinib, which is being developed for the treatment of neurofibromatosis type 1- associated plexiform neurofibromas (NF1-PN), in pediatric and adult patients.
In March 2024, the company initiated the rolling submission of the NDA to the FDA for mirdametinib in NF1-PN, a rare genetic disorder.
SWTX plans to file a marketing application with the European Medicines Agency seeking approval for mirdametinib for the treatment of children and adults with NF1-PN later in the second half of 2024.
Meanwhile, the company’s oral gamma-secretase inhibitor, Ogsiveo (nirogacestat), was approved by the FDA for treating adult patients with progressing desmoid tumors, who require systemic treatment, in November 2023.
Following the FDA nod, not only Ogsiveo became the first approved product in the company’s portfolio, but it also became the first approved drug for treating desmoid tumors, a rare, aggressive tumor of the soft tissues.
SWTX believes that Ogsiveo has the potential to become the new standard of care for desmoid tumors.
Ogsiveo’s net product revenues were $21 million in the first quarter of 2024, driven by strong execution in the first full quarter of its launch.
The strong initial uptake for Ogsiveo and the ongoing development of mirdametinib might be the factors driving the stock’s rise in the said time frame.
Image Source: Zacks Investment Research
In April 2024, the FDA approved a supplemental new drug application for two higher doses of Ogsiveo (150 mg & 100 mg) tablets in blister packaging. This is expected to increase patient convenience and adherence by reducing the number of pills a patient has to take daily and making the dosage simpler.
The European Medicines Agency has also validated the marketing authorization application for Ogsiveo for the treatment of adult patients with desmoid tumors in February 2024. A potential approval in the EU is expected to boost drug sales in the upcoming quarters.
Several additional studies on Ogsiveo, targeting different cancer indications, are currently ongoing.
SpringWorks’ other pipeline candidates include brimarafenib and SW-682, which are being developed to treat different types of cancer indications.
The strong launch of Ogsiveo and progress with its other pipeline candidates are expected to boost the continuous upward momentum of SpringWorks for the remainder of 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 Acrivon Therapeutics, Inc. (ACRV - Free Report) , Adaptive Biotechnologies Corporation (ADPT - Free Report) and RAPT Therapeutics, Inc. (RAPT - Free Report) , each holding a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 60 days, estimates for Acrivon Therapeutics’ 2024 loss per share have narrowed from $3.05 to $2.47. Loss per share estimates for 2025 have narrowed from $3.04 to $2.55. Year to date, ACRV shares have rallied 60.8%.
ACRV’s earnings beat estimates in three of the trailing four quarters and missed the same on the remaining occasion, the average surprise being 3.56%.
In the past 60 days, estimates for Adaptive Biotechnologies’ 2024 loss per share have narrowed from $1.30 to $1.29, while loss per share estimates for 2025 have narrowed from $1.09 to $1.02. Year to date, ADPT shares have declined 20.6%.
ADPT’s earnings beat estimates in two of the trailing four quarters, meeting the same once and missing on the remaining occasion, the average surprise being 0.65%.
In the past 60 days, estimates for RAPT Therapeutics’ 2024 loss per share have narrowed from $2.94 to $2.93. Loss per share estimates for 2025 have narrowed from $2.06 to $2.05. Year to date, RAPT shares have declined 86%.
RAPT’s earnings beat estimates in two of the trailing four quarters while missing the same on the remaining two occasions, the average surprise being 3.19%.