Spring Works Therapeutics (SWTX) PT Raised to $52 at Goldman Sachs

Goldman Sachs analyst Corinne Jenkins raised the price target on Spring Works Therapeutics (NASDAQ: SWTX) to $52.00 (from $47.00) while maintaining a Buy rating.

The analyst commented, "SWTX shares are trading higher today (20% vs -0.7% for XBI) following FDA approval of Ogsiveo (nirogacestat) in desmoid tumors (DT), with a label largely in-line with our bull case expectations. Specifically, we highlight the label did not contain a black box warning or REMS program for ovarian dysfunction; though, the disorder is noted as warning/precaution, as we expected (label). The company also announced annualized pricing for Ogsiveo of $348K, above prior GSe of $200K. As a result, we raise our global peak sales estimates for Ogsiveo to ~$810M ($615M prior). On the launch, we expect robust uptake given the concentration of patients at specialty SARC centers (~40% of patients), high degree of physician awareness and support for niro in DT observed across our channel checks (link, link), and SWTX's market research (link, link). Separately, management emphasized a sales force of 35 territory business managers will be committed to support the launch."

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