Norges Bank Buys Shares of 186,503 SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

Norges Bank purchased a new position in shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 186,503 shares of the company’s stock, valued at approximately $6,738,000.

Several other large investors have also made changes to their positions in SWTX. NEOS Investment Management LLC boosted its stake in SpringWorks Therapeutics by 51.2% in the fourth quarter. NEOS Investment Management LLC now owns 30,811 shares of the company’s stock valued at $1,113,000 after buying an additional 10,433 shares in the last quarter. BIT Capital GmbH grew its holdings in shares of SpringWorks Therapeutics by 18.7% during the 4th quarter. BIT Capital GmbH now owns 53,539 shares of the company’s stock valued at $1,934,000 after purchasing an additional 8,429 shares during the last quarter. Segall Bryant & Hamill LLC increased its position in SpringWorks Therapeutics by 43.4% during the 4th quarter. Segall Bryant & Hamill LLC now owns 193,459 shares of the company’s stock worth $6,990,000 after purchasing an additional 58,522 shares in the last quarter. Vanguard Group Inc. lifted its stake 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 acquiring an additional 445,593 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in SpringWorks Therapeutics in the 4th quarter worth about $455,000.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Guggenheim decreased their price target on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a research report on Wednesday, January 8th. HC Wainwright restated a “buy” rating and issued a $74.00 price objective on shares of SpringWorks Therapeutics in a report on Friday, February 21st. 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 reissued an “outperform” rating and issued a $81.00 price target on shares of SpringWorks Therapeutics in a research note on Thursday, February 20th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $73.20.

SpringWorks Therapeutics Stock Performance

Shares of SWTX stock opened at $35.71 on Wednesday. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -10.26 and a beta of 0.79. SpringWorks Therapeutics, Inc. has a 52-week low of $28.21 and a 52-week high of $62.00. The company has a 50-day simple moving average of $48.71 and a two-hundred day simple moving average of $39.99.

SpringWorks Therapeutics (NASDAQ:SWTX) last released its earnings results on Thursday, February 20th. The company reported ($1.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.38). The business had revenue of $61.55 million for the quarter, compared to the consensus estimate of $60.53 million. SpringWorks Therapeutics had a negative return on equity of 46.74% and a negative net margin of 134.73%. On average, sell-side analysts forecast that SpringWorks Therapeutics, Inc. will post -2.05 EPS for the current fiscal year.

Insider Activity at SpringWorks Therapeutics

In other news, COO Badreddin Edris sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $54.23, for a total value of $1,084,600.00. Following the completion of the transaction, the chief operating officer now directly owns 169,712 shares in the company, valued at approximately $9,203,481.76. This trade represents a 10.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bhavesh Ashar sold 1,016 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 62,053 shares of the company’s stock, valued at approximately $3,797,023.07. The trade was a 1.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 440,766 shares of company stock worth $24,402,956. Company insiders own 7.61% of the company’s stock.

SpringWorks Therapeutics 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.