PNC Financial Services Group Inc. Reduces Stock Holdings in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

PNC Financial Services Group Inc. lessened its holdings in shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) by 10.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

SpringWorks Therapeutics Stock Down 2.3 %

SWTX opened at $49.89 on Monday. The firm’s fifty day simple moving average is $46.70 and its two-hundred day simple moving average is $39.46. SpringWorks Therapeutics, Inc. has a 52-week low of $28.21 and a 52-week high of $62.00. The company has a market cap of $3.74 billion, a price-to-earnings ratio of -14.34 and a beta of 0.76.

SpringWorks Therapeutics (NASDAQ:SWTX) last issued its quarterly earnings results 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 company had revenue of $61.55 million during the quarter, compared to analysts’ expectations of $60.53 million. On average, research analysts forecast that SpringWorks Therapeutics, Inc. will post -2.05 EPS for the current year.

Insider Buying and Selling

In other news, insider Daniel Pichl sold 29,750 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $54.36, for a total value of $1,617,210.00. Following the transaction, the insider now directly owns 50,762 shares of the company’s stock, valued at approximately $2,759,422.32. This trade represents a 36.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Badreddin Edris sold 30,000 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $53.13, for a total transaction of $1,593,900.00. Following the transaction, the chief operating officer now owns 189,712 shares in the company, valued at $10,079,398.56. The trade was a 13.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 440,766 shares of company stock worth $24,402,956. 7.61% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

SWTX has been the subject of several analyst reports. Guggenheim decreased their target price on shares of SpringWorks Therapeutics from $80.00 to $78.00 and set a “buy” rating for the company in a research note on Wednesday, January 8th. HC Wainwright restated a “buy” rating and set a $74.00 target price on shares of SpringWorks Therapeutics in a research report on Friday, February 21st. Wedbush restated an “outperform” rating and issued a $81.00 price target on shares of SpringWorks Therapeutics in a research note on Thursday, February 20th. Finally, Evercore ISI increased their price target on SpringWorks Therapeutics from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $73.20.

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.