Lord Abbett & CO. LLC Sells 1,004,232 Shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

Lord Abbett & CO. LLC cut its position in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) by 48.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,069,738 shares of the company’s stock after selling 1,004,232 shares during the quarter. Lord Abbett & CO. LLC’s holdings in SpringWorks Therapeutics were worth $34,274,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC increased its stake in SpringWorks Therapeutics by 0.3% in the third quarter. FMR LLC now owns 11,140,946 shares of the company’s stock valued at $356,956,000 after acquiring an additional 28,555 shares during the last quarter. Maverick Capital Ltd. increased its stake in shares of SpringWorks Therapeutics by 6.8% in the 3rd quarter. Maverick Capital Ltd. now owns 2,778,348 shares of the company’s stock valued at $89,018,000 after purchasing an additional 177,824 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of SpringWorks Therapeutics by 7.0% during 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 in the last quarter. Fiera Capital Corp lifted its position in shares of SpringWorks Therapeutics by 41.4% during the 2nd quarter. Fiera Capital Corp now owns 1,297,302 shares of the company’s stock worth $48,869,000 after buying an additional 380,027 shares during the last quarter. Finally, Duquesne Family Office LLC acquired a new stake in SpringWorks Therapeutics in the second quarter valued at about $38,475,000.

Insider Activity at SpringWorks Therapeutics

In other news, COO Badreddin Edris sold 20,000 shares of SpringWorks Therapeutics stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $41.97, for a total value of $839,400.00. Following the completion of the transaction, the chief operating officer now directly owns 209,600 shares of the company’s stock, valued at approximately $8,796,912. This trade represents a 8.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 7.61% of the stock is owned by company insiders.

SpringWorks Therapeutics Stock Performance

Shares of SWTX opened at $38.30 on Friday. The business has a 50-day moving average of $34.92 and a 200-day moving average of $36.57. SpringWorks Therapeutics, Inc. has a 1 year low of $28.21 and a 1 year high of $53.92.

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

Analyst Ratings Changes

SWTX has been the subject of a number of research reports. HC Wainwright dropped their target price on shares of SpringWorks Therapeutics from $76.00 to $74.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Wedbush reissued an “outperform” rating and issued a $77.00 price objective on shares of SpringWorks Therapeutics in a research note on Monday, November 18th. JPMorgan Chase & Co. boosted their target price on shares of SpringWorks Therapeutics from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Evercore ISI initiated coverage on SpringWorks Therapeutics in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $60.00 price target for the company. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $69.50.

SpringWorks Therapeutics Company 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.