Norges Bank Buys New Stake in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

Norges Bank purchased a new position in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 186,503 shares of the company's stock, valued at approximately $6,738,000. Norges Bank owned 0.25% of SpringWorks Therapeutics at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AlphaQuest LLC grew its stake in shares of SpringWorks Therapeutics by 70.2% in the fourth quarter. AlphaQuest LLC now owns 1,004 shares of the company's stock worth $36,000 after purchasing an additional 414 shares during the last quarter. Venturi Wealth Management LLC bought a new position in shares of SpringWorks Therapeutics during the fourth quarter valued at $45,000. KBC Group NV raised its holdings in SpringWorks Therapeutics by 59.1% in the 4th quarter. KBC Group NV now owns 2,634 shares of the company's stock worth $95,000 after acquiring an additional 978 shares during the last quarter. US Bancorp DE boosted its holdings in shares of SpringWorks Therapeutics by 56.0% during the 4th quarter. US Bancorp DE now owns 4,336 shares of the company's stock valued at $157,000 after acquiring an additional 1,556 shares during the last quarter. Finally, Park Avenue Securities LLC bought a new stake in shares of SpringWorks Therapeutics in the fourth quarter worth $203,000.

Analysts Set New Price Targets

SWTX has been the subject of a number of analyst reports. HC Wainwright restated a "buy" rating and issued a $74.00 price target on shares of SpringWorks Therapeutics in a research report on Friday, February 21st. Guggenheim reduced their target price on SpringWorks Therapeutics from $80.00 to $78.00 and set a "buy" rating on the stock in a report on Wednesday, January 8th. Wedbush reaffirmed an "outperform" rating and set a $81.00 price target on shares of SpringWorks Therapeutics in a research note on Thursday, February 20th. Finally, 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $73.20.

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SpringWorks Therapeutics Price Performance

SWTX traded up $0.60 on Monday, reaching $37.07. 125,276 shares of the stock were exchanged, compared to its average volume of 1,374,324. The company's 50-day moving average price is $48.63 and its 200 day moving average price is $40.10. The firm has a market capitalization of $2.78 billion, a PE ratio of -10.64 and a beta of 0.79. SpringWorks Therapeutics, Inc. has a fifty-two week low of $28.21 and a fifty-two week high of $62.00.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last issued its earnings results on Thursday, February 20th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.38). The business had revenue of $61.55 million for 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, equities analysts forecast that SpringWorks Therapeutics, Inc. will post -2.05 earnings per share for the current fiscal year.

Insider Buying and Selling at SpringWorks Therapeutics

In related news, insider Bhavesh Ashar sold 1,016 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $61.19, for a total transaction of $62,169.04. Following the completion of the sale, the insider now owns 62,053 shares of the company's stock, valued at approximately $3,797,023.07. This represents a 1.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Badreddin Edris sold 30,000 shares of the business's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $53.13, for a total value of $1,593,900.00. Following the transaction, the chief operating officer now owns 189,712 shares in the company, valued at approximately $10,079,398.56. This represents a 13.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 440,766 shares of company stock valued at $24,402,956. 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.