JPMorgan Chase & Co. Lowers Position in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

JPMorgan Chase & Co. lowered its holdings in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) by 9.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 255,052 shares of the company’s stock after selling 25,074 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.34% of SpringWorks Therapeutics worth $8,172,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SWTX. Principal Financial Group Inc. lifted its stake in shares of SpringWorks Therapeutics by 102.5% during the 3rd quarter. Principal Financial Group Inc. now owns 918,445 shares of the company’s stock worth $29,427,000 after purchasing an additional 464,903 shares during the last quarter. Exome Asset Management LLC bought a new stake in shares of SpringWorks Therapeutics in the 3rd quarter valued at about $3,226,000. Geode Capital Management LLC grew its position in shares of SpringWorks Therapeutics by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,670,247 shares of the company’s stock worth $53,526,000 after buying an additional 109,189 shares during the last quarter. Barclays PLC raised its stake in shares of SpringWorks Therapeutics by 60.4% during the 3rd quarter. Barclays PLC now owns 155,676 shares of the company’s stock worth $4,987,000 after acquiring an additional 58,645 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in SpringWorks Therapeutics during the third quarter valued at approximately $746,000.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SWTX shares. HC Wainwright reduced their price target on SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Guggenheim reduced their target price on SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Wedbush reissued an “outperform” rating and issued a $77.00 price target on shares of SpringWorks Therapeutics in a report on Monday. Finally, Evercore ISI assumed coverage on shares of SpringWorks Therapeutics in a research report on Wednesday, November 20th. They issued an “outperform” rating and a $60.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $70.00.

SpringWorks Therapeutics Stock Down 12.2 %

SpringWorks Therapeutics stock opened at $32.50 on Wednesday. The stock has a 50-day moving average price of $37.97 and a 200 day moving average price of $36.40. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -8.38 and a beta of 0.82. SpringWorks Therapeutics, Inc. has a 52 week low of $28.21 and a 52 week high of $53.92.

SpringWorks Therapeutics (NASDAQ:SWTX) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.72) EPS for the quarter, beating the consensus estimate of ($0.75) by $0.03. The business had revenue of $49.10 million during 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 business’s quarterly revenue was up 4810.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.27) EPS. Research analysts anticipate that SpringWorks Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Insider Buying and Selling at SpringWorks Therapeutics

In other news, COO Badreddin Edris sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 owns 209,600 shares of the company’s stock, valued at $8,796,912. This trade represents a 8.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 7.61% of the company’s stock.

About SpringWorks Therapeutics

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.