Principal Financial Group Inc. Purchases 464,903 Shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

Principal Financial Group Inc. grew its holdings in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) by 102.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 918,445 shares of the company’s stock after purchasing an additional 464,903 shares during the quarter. Principal Financial Group Inc.’s holdings in SpringWorks Therapeutics were worth $29,427,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in SpringWorks Therapeutics by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,686 shares of the company’s stock valued at $87,000 after purchasing an additional 474 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of SpringWorks Therapeutics in the 2nd quarter valued at about $123,000. Quantbot Technologies LP acquired a new stake in shares of SpringWorks Therapeutics in the 3rd quarter valued at approximately $147,000. Quarry LP boosted its stake in SpringWorks Therapeutics by 56.3% during the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $188,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Commerce Bank acquired a new position in SpringWorks Therapeutics during the third quarter valued at approximately $207,000.

SpringWorks Therapeutics Trading Down 1.5 %

Shares of NASDAQ SWTX opened at $36.81 on Wednesday. The company has a fifty day moving average price of $35.57 and a 200 day moving average price of $36.38. The firm has a market cap of $2.74 billion, a PE ratio of -9.49 and a beta of 0.86. SpringWorks Therapeutics, Inc. has a 1-year low of $28.21 and a 1-year high of $53.92.

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

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other SpringWorks Therapeutics news, COO Badreddin Edris sold 20,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $41.97, for a total transaction of $839,400.00. Following the sale, the chief operating officer now directly owns 209,600 shares of the company’s stock, valued at $8,796,912. The trade was a 8.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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.