PNC Financial Services Group Inc. Trims Position in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

PNC Financial Services Group Inc. lowered its position in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) by 10.4% in the fourth quarter, HoldingsChannel reports. The firm owned 5,712 shares of the company’s stock after selling 662 shares during the period. PNC Financial Services Group Inc.’s holdings in SpringWorks Therapeutics were worth $206,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Los Angeles Capital Management LLC boosted its holdings in SpringWorks Therapeutics by 30.8% in the 4th quarter. Los Angeles Capital Management LLC now owns 61,760 shares of the company’s stock valued at $2,231,000 after purchasing an additional 14,548 shares during the last quarter. Alpha DNA Investment Management LLC purchased a new stake in shares of SpringWorks Therapeutics during the 3rd quarter valued at approximately $411,000. Principal Financial Group Inc. raised its position in shares of SpringWorks Therapeutics by 20.2% during the 4th quarter. Principal Financial Group Inc. now owns 1,103,858 shares of the company’s stock valued at $39,882,000 after buying an additional 185,413 shares during the period. Ally Bridge Group NY LLC purchased a new position in SpringWorks Therapeutics in the third quarter worth approximately $7,296,000. Finally, AMI Asset Management Corp acquired a new stake in SpringWorks Therapeutics during the fourth quarter worth $1,438,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SWTX shares. Guggenheim decreased their price target on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research note on Wednesday, January 8th. Wedbush reaffirmed an “outperform” rating and issued a $81.00 target price on shares of SpringWorks Therapeutics in a research report on Thursday, February 20th. Evercore ISI lifted their price target on shares of SpringWorks Therapeutics from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Finally, 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. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $73.20.

Insiders Place Their Bets

In other SpringWorks Therapeutics news, insider Daniel Pichl sold 29,750 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $54.36, for a total value of $1,617,210.00. Following the sale, the insider now owns 50,762 shares of the company’s stock, valued at $2,759,422.32. This trade represents a 36.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Badreddin Edris sold 20,000 shares of SpringWorks Therapeutics stock in a transaction dated 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 owns 169,712 shares of the company’s stock, valued at $9,203,481.76. The trade was a 10.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 440,766 shares of company stock worth $24,402,956 over the last 90 days. Corporate insiders own 7.61% of the company’s stock.

SpringWorks Therapeutics Price Performance

Shares of SpringWorks Therapeutics stock opened at $49.89 on Monday. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -14.34 and a beta of 0.76. The business has a 50-day moving average of $46.70 and a 200 day moving average of $39.46. SpringWorks Therapeutics, Inc. has a 12 month low of $28.21 and a 12 month high of $62.00.

SpringWorks Therapeutics (NASDAQ:SWTX) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($1.04) earnings per share 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 analyst estimates of $60.53 million. Equities research analysts anticipate that SpringWorks Therapeutics, Inc. will post -2.05 earnings per share for the current year.

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.