DnB Asset Management AS Sells 529 Shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

DnB Asset Management AS trimmed its position in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) by 4.3% during the 4th quarter, HoldingsChannel reports. The firm owned 11,875 shares of the company’s stock after selling 529 shares during the quarter. DnB Asset Management AS’s holdings in SpringWorks Therapeutics were worth $429,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Los Angeles Capital Management LLC increased its stake in SpringWorks Therapeutics by 30.8% in the 4th quarter. Los Angeles Capital Management LLC now owns 61,760 shares of the company’s stock worth $2,231,000 after acquiring an additional 14,548 shares during the last quarter. Platinum Investment Management Ltd. purchased a new position in shares of SpringWorks Therapeutics in the fourth quarter valued at $1,694,000. Principal Financial Group Inc. increased its position in SpringWorks Therapeutics by 20.2% in the fourth quarter. Principal Financial Group Inc. now owns 1,103,858 shares of the company’s stock worth $39,882,000 after purchasing an additional 185,413 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in SpringWorks Therapeutics during the fourth quarter valued at $10,527,000. Finally, Cibc World Markets Corp bought a new position in SpringWorks Therapeutics during the fourth quarter valued at $232,000.

SpringWorks Therapeutics Stock Performance

SWTX opened at $46.52 on Thursday. The stock’s 50 day moving average price is $48.51 and its 200-day moving average price is $39.89. SpringWorks Therapeutics, Inc. has a one year low of $28.21 and a one year high of $62.00. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of -13.37 and a beta of 0.76.

SpringWorks Therapeutics (NASDAQ:SWTX) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($1.04) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.38). The company had revenue of $61.55 million during the quarter, compared to analysts’ expectations of $60.53 million. SpringWorks Therapeutics had a negative return on equity of 46.74% and a negative net margin of 134.73%. As a group, analysts predict that SpringWorks Therapeutics, Inc. will post -2.05 earnings per share for the current fiscal year.

Insider Activity

In other SpringWorks Therapeutics news, CEO Saqib Islam sold 48,000 shares of SpringWorks Therapeutics stock in a transaction on Monday, February 10th. The stock was sold at an average price of $53.30, for a total transaction of $2,558,400.00. Following the completion of the sale, the chief executive officer now directly owns 1,002,502 shares of the company’s stock, valued at $53,433,356.60. The trade was a 4.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bhavesh Ashar sold 1,016 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $61.19, for a total value of $62,169.04. Following the transaction, the insider now directly owns 62,053 shares in the company, valued at $3,797,023.07. The trade was a 1.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 440,766 shares of company stock valued at $24,402,956. Corporate insiders own 7.61% of the company’s stock.

Analysts Set New Price Targets

SWTX has been the topic of several recent research reports. HC Wainwright restated a “buy” rating and set a $74.00 target price on shares of SpringWorks Therapeutics in a research report on Friday, February 21st. Guggenheim decreased their price objective on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Evercore ISI lifted their target price on SpringWorks Therapeutics from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Wedbush restated an “outperform” rating and set a $81.00 price target on shares of SpringWorks Therapeutics in a report on Thursday, February 20th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $73.20.

About SpringWorks Therapeutics

SpringWorks Therapeutics, Inc, a commercial-stage biopharmaceutical company, engages in the development and commercialization of medicines for underserved patient populations suffering from rare diseases and cancer. Its lead product candidate is OGSIVEO (nirogacestat), an oral small molecule gamma secretase inhibitor that is in Phase III DeFi trial for the treatment of desmoid tumors; and Nirogacestat, is also in Phase 2 clinical development as a monotherapy for the treatment of ovarian granulosa cell tumors (GCT), a subtype of ovarian cancer.