SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) Position Boosted by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its stake in shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Free Report) by 131.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 285,555 shares of the company's stock after purchasing an additional 162,137 shares during the period. The Manufacturers Life Insurance Company owned 0.38% of SpringWorks Therapeutics worth $9,149,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Horizon Advisors Inc. boosted its holdings in shares of SpringWorks Therapeutics by 47.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,183 shares of the company's stock valued at $45,000 after purchasing an additional 383 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in SpringWorks Therapeutics by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company's stock worth $87,000 after purchasing an additional 474 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in SpringWorks Therapeutics in the 2nd quarter worth about $123,000. Quarry LP raised its position in SpringWorks Therapeutics by 56.3% in the 2nd quarter. Quarry LP now owns 5,000 shares of the company's stock worth $188,000 after purchasing an additional 1,800 shares during the period. Finally, Commerce Bank purchased a new position in shares of SpringWorks Therapeutics during the third quarter worth approximately $207,000.

Analyst Upgrades and Downgrades

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

SpringWorks Therapeutics Trading Down 0.6 %

Shares of SWTX traded down $0.24 during trading hours on Wednesday, reaching $42.31. The company had a trading volume of 1,193,760 shares, compared to its average volume of 1,002,545. The firm has a 50 day simple moving average of $33.77 and a 200-day simple moving average of $36.69. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of -10.90 and a beta of 0.86. SpringWorks Therapeutics, Inc. has a 12-month low of $28.21 and a 12-month high of $53.92.

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

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.