SpringWorks Therapeutics initiated with an Outperform at Evercore ISI

Evercore ISI analyst Cory Kasimov initiated coverage of SpringWorks Therapeutics (SWTX) with an Outperform rating and $60 price target SpringWorks looks “well positioned” based on its first-in-class approved therapy for a rare oncology indication, Ogsiveo, the first and only FDA approved tx for desmoid tumors, and “the near-term potential to become a two-product story” with Mirdametinib, for which the firm sees a potential Q1 of 2025 approval, the analyst tells investors. Shares bouncing post a slight Q3 miss suggests “this is an attractive entry point with solid, underlying market dynamics carrying greater weight,” the analyst added.