SpringWorks Therapeutics price target raised to $70 from $60 at Wedbush

Wedbush analyst David Nierengarten raised the firm’s price target on SpringWorks Therapeutics to $70 from $60 and keeps an Outperform rating on the shares. Ahead of SpringWorks’ Q4/2023 earnings print, the firm conducted a survey of 50 oncologists to track their treatment preferences for desmoid tumor patients and gain insights into Ogsiveo’s competitive landscape and near-term commercial trajectory. Key findings include current estimated patient share of 11% for Ogsiveo, with future 6-month share projected to grow to 17.5%, indicating that Ogsiveo will be the fastest growing desmoid tumor drug in the near-term and displace chemotherapy as the most common treatment for desmoid tumor patients. Wedbush believes these results indicate that access and pricing are not a barrier to use, and expects Ogsiveo to continue to take share from cheap generics and off-label treatments.