Charles Schwab Investment Management Inc. Raises Stake in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

Charles Schwab Investment Management Inc. increased its stake in shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Free Report) by 13.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 602,227 shares of the company's stock after buying an additional 73,613 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.81% of SpringWorks Therapeutics worth $19,295,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Maverick Capital Ltd. increased its holdings in shares of SpringWorks Therapeutics by 36.3% in the second quarter. Maverick Capital Ltd. now owns 2,600,524 shares of the company's stock valued at $97,962,000 after purchasing an additional 691,894 shares during the period. Fiera Capital Corp increased its stake in SpringWorks Therapeutics by 41.4% in the 2nd quarter. Fiera Capital Corp now owns 1,297,302 shares of the company's stock valued at $48,869,000 after buying an additional 380,027 shares during the period. Duquesne Family Office LLC purchased a new position in SpringWorks Therapeutics during the 2nd quarter worth $38,475,000. Principal Financial Group Inc. lifted its stake in shares of SpringWorks Therapeutics by 102.5% in the 3rd quarter. Principal Financial Group Inc. now owns 918,445 shares of the company's stock worth $29,427,000 after acquiring an additional 464,903 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of SpringWorks Therapeutics by 16.9% in the second quarter. D. E. Shaw & Co. Inc. now owns 758,712 shares of the company's stock valued at $28,581,000 after acquiring an additional 109,865 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SWTX. JPMorgan Chase & Co. boosted their target price on SpringWorks Therapeutics from $64.00 to $68.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 4th. Evercore ISI initiated coverage on SpringWorks Therapeutics in a report on Wednesday, November 20th. They set an "outperform" rating and a $60.00 price objective on the stock. HC Wainwright cut their price objective on SpringWorks Therapeutics from $76.00 to $74.00 and set a "buy" rating for the company in a research report on Tuesday, November 12th. Finally, Wedbush restated an "outperform" rating and set a $77.00 target price on shares of SpringWorks Therapeutics in a research report on Monday, November 18th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, SpringWorks Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $69.50.

SpringWorks Therapeutics Price Performance

SpringWorks Therapeutics stock traded down $0.19 during mid-day trading on Friday, hitting $41.56. 545,742 shares of the company were exchanged, compared to its average volume of 1,491,344. SpringWorks Therapeutics, Inc. has a 12-month low of $28.21 and a 12-month high of $53.92. The business's 50 day simple moving average is $34.15 and its two-hundred day simple moving average is $36.67. The company has a market capitalization of $3.09 billion, a P/E ratio of -10.71 and a beta of 0.86.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.72) EPS for the quarter, topping analysts' consensus estimates of ($0.75) by $0.03. SpringWorks Therapeutics had a negative net margin of 203.09% and a negative return on equity of 48.21%. The business had revenue of $49.10 million during the quarter, compared to the consensus estimate of $53.28 million. During the same period in the previous year, the firm posted ($1.27) earnings per share. The company's quarterly revenue was up 4810.0% compared to the same quarter last year. Equities research analysts predict that SpringWorks Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Insider Activity

In related news, COO Badreddin Edris sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $41.97, for a total transaction of $839,400.00. Following the completion of the transaction, the chief operating officer now owns 209,600 shares of the company's stock, valued at approximately $8,796,912. This represents a 8.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 7.61% of the company's stock.

SpringWorks Therapeutics Company Profile

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.