Principal Financial Group Inc. Has $29.43 Million Stock Position in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)

Principal Financial Group Inc. raised its holdings in shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) by 102.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 918,445 shares of the company’s stock after buying an additional 464,903 shares during the quarter. Principal Financial Group Inc. owned about 1.23% of SpringWorks Therapeutics worth $29,427,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SWTX. Duquesne Family Office LLC bought a new position in SpringWorks Therapeutics during the second quarter valued at about $38,475,000. Maverick Capital Ltd. increased its position in shares of SpringWorks Therapeutics by 36.3% during the second quarter. Maverick Capital Ltd. now owns 2,600,524 shares of the company’s stock valued at $97,962,000 after purchasing an additional 691,894 shares during the period. Fiera Capital Corp raised its stake in shares of SpringWorks Therapeutics by 41.4% in the second quarter. Fiera Capital Corp now owns 1,297,302 shares of the company’s stock valued at $48,869,000 after purchasing an additional 380,027 shares in the last quarter. Candriam S.C.A. lifted its position in SpringWorks Therapeutics by 160.2% in the second quarter. Candriam S.C.A. now owns 522,104 shares of the company’s stock worth $19,667,000 after purchasing an additional 321,476 shares during the period. Finally, Walleye Capital LLC boosted its stake in SpringWorks Therapeutics by 2,439.4% during the third quarter. Walleye Capital LLC now owns 286,093 shares of the company’s stock worth $9,166,000 after buying an additional 274,827 shares in the last quarter.

Wall Street Analyst Weigh In

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

Insider Activity at SpringWorks Therapeutics

In related news, COO Badreddin Edris sold 20,000 shares of the business’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 value of $839,400.00. Following the completion of the transaction, the chief operating officer now owns 209,600 shares in the company, valued at $8,796,912. The trade was a 8.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 7.61% of the stock is currently owned by company insiders.

SpringWorks Therapeutics Trading Down 1.5 %

NASDAQ:SWTX opened at $36.81 on Wednesday. The stock has a market capitalization of $2.74 billion, a P/E ratio of -9.49 and a beta of 0.86. SpringWorks Therapeutics, Inc. has a 1 year low of $28.21 and a 1 year high of $53.92. The firm has a 50 day moving average of $35.57 and a 200-day moving average of $36.38.

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

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.