Ameriprise Financial Inc. Boosts Stake in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

Ameriprise Financial Inc. lifted its position in shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) by 21.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 971,099 shares of the company’s stock after acquiring an additional 173,222 shares during the quarter. Ameriprise Financial Inc. owned 1.31% of SpringWorks Therapeutics worth $35,087,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SWTX. Huntington National Bank lifted its stake in SpringWorks Therapeutics by 38.2% in the 4th quarter. Huntington National Bank now owns 694 shares of the company’s stock valued at $25,000 after buying an additional 192 shares in the last quarter. AlphaQuest LLC raised its holdings in SpringWorks Therapeutics by 70.2% in the 4th quarter. AlphaQuest LLC now owns 1,004 shares of the company’s stock valued at $36,000 after acquiring an additional 414 shares during the last quarter. Barclays PLC lifted its stake in SpringWorks Therapeutics by 0.3% in the 4th quarter. Barclays PLC now owns 156,123 shares of the company’s stock worth $5,641,000 after purchasing an additional 447 shares in the last quarter. Virtus ETF Advisers LLC lifted its stake in SpringWorks Therapeutics by 7.4% in the 4th quarter. Virtus ETF Advisers LLC now owns 9,037 shares of the company’s stock worth $327,000 after purchasing an additional 622 shares in the last quarter. Finally, KBC Group NV lifted its stake in SpringWorks Therapeutics by 59.1% in the 4th quarter. KBC Group NV now owns 2,634 shares of the company’s stock worth $95,000 after purchasing an additional 978 shares in the last quarter.

Insider Activity

In related news, insider Bhavesh Ashar sold 1,016 shares of SpringWorks Therapeutics stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $61.19, for a total value of $62,169.04. Following the completion of the sale, the insider now owns 62,053 shares in the company, valued at approximately $3,797,023.07. This trade represents a 1.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Saqib Islam sold 29,328 shares of SpringWorks Therapeutics stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $60.30, for a total transaction of $1,768,478.40. Following the completion of the sale, the chief executive officer now owns 1,034,625 shares of the company’s stock, valued at $62,387,887.50. This trade represents a 2.76% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 158,016 shares of company stock valued at $9,102,946. 7.83% of the stock is currently owned by company insiders.

SpringWorks Therapeutics Stock Performance

SWTX stock opened at $46.12 on Tuesday. The firm has a market cap of $3.46 billion, a PE ratio of -13.25 and a beta of 0.77. The firm’s 50 day moving average price is $44.26 and its 200-day moving average price is $41.88. SpringWorks Therapeutics, Inc. has a one year low of $28.21 and a one year high of $62.00.

SpringWorks Therapeutics (NASDAQ:SWTX) last released its quarterly earnings results on Friday, May 9th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.81) by ($0.30). The firm had revenue of $49.09 million for the quarter, compared to analysts’ expectations of $64.19 million. SpringWorks Therapeutics had a negative net margin of 134.73% and a negative return on equity of 46.74%. Equities research analysts predict that SpringWorks Therapeutics, Inc. will post -2.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SWTX. Guggenheim reissued a “neutral” rating and issued a $47.00 target price on shares of SpringWorks Therapeutics in a research note on Monday. Cowen lowered shares of SpringWorks Therapeutics to a “hold” rating in a research note on Tuesday, April 29th. Barclays reissued an “equal weight” rating and issued a $47.00 target price (down from $63.00) on shares of SpringWorks Therapeutics in a research note on Monday, April 28th. Wedbush reissued a “neutral” rating and issued a $47.00 target price (down from $81.00) on shares of SpringWorks Therapeutics in a research note on Monday, April 28th. Finally, HC Wainwright reissued a “neutral” rating and issued a $47.00 target price (down from $74.00) on shares of SpringWorks Therapeutics in a research note on Wednesday, April 30th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, SpringWorks Therapeutics has a consensus rating of “Hold” and an average target price of $52.57.

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.