Lord Abbett & CO. LLC Has $34.17 Million Stock Holdings in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

Lord Abbett & CO. LLC lowered its position in shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Free Report) by 11.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 945,808 shares of the company's stock after selling 123,930 shares during the quarter. Lord Abbett & CO. LLC owned 1.27% of SpringWorks Therapeutics worth $34,172,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Capital International Investors grew its stake in shares of SpringWorks Therapeutics by 92.7% in the fourth quarter. Capital International Investors now owns 2,361,746 shares of the company's stock valued at $85,330,000 after buying an additional 1,136,079 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in shares of SpringWorks Therapeutics by 24.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,391,412 shares of the company's stock worth $86,402,000 after purchasing an additional 465,494 shares during the last quarter. Principal Financial Group Inc. raised its holdings 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 valued at $29,427,000 after purchasing an additional 464,903 shares during the period. Vanguard Group Inc. raised its holdings in shares of SpringWorks Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 7,158,871 shares of the company's stock valued at $258,650,000 after purchasing an additional 445,593 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in SpringWorks Therapeutics in the 4th quarter valued at about $10,527,000.

Insider Activity at SpringWorks Therapeutics

In related news, insider Bhavesh Ashar sold 1,016 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $61.19, for a total value of $62,169.04. Following the completion of the transaction, the insider now owns 62,053 shares of the company's stock, valued at $3,797,023.07. The trade was a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Badreddin Edris sold 30,000 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $53.13, for a total transaction of $1,593,900.00. Following the sale, the chief operating officer now owns 189,712 shares in the company, valued at $10,079,398.56. The trade was a 13.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 440,766 shares of company stock worth $24,402,956. Company insiders own 7.83% of the company's stock.

SpringWorks Therapeutics Stock Up 0.1 %

Shares of SpringWorks Therapeutics stock traded up $0.06 during trading on Tuesday, reaching $46.24. The company's stock had a trading volume of 14,119,423 shares, compared to its average volume of 1,836,103. The business's 50-day moving average price is $46.01 and its 200-day moving average price is $40.74. SpringWorks Therapeutics, Inc. has a 52 week low of $28.21 and a 52 week high of $62.00. The firm has a market cap of $3.47 billion, a PE ratio of -13.29 and a beta of 0.79.

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

Analyst Ratings Changes

SWTX has been the subject of a number of recent analyst reports. Wedbush reaffirmed a "neutral" rating and issued a $47.00 price objective (down from $81.00) on shares of SpringWorks Therapeutics in a research report on Monday. Cowen downgraded SpringWorks Therapeutics to a "hold" rating in a report on Tuesday. Evercore ISI upped their price objective on shares of SpringWorks Therapeutics from $60.00 to $65.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. TD Cowen reissued a "hold" rating and issued a $47.00 price objective (down from $66.00) on shares of SpringWorks Therapeutics in a research report on Tuesday. Finally, Barclays reaffirmed an "equal weight" rating and set a $47.00 target price (down previously from $63.00) on shares of SpringWorks Therapeutics in a report on Monday. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $56.43.

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.