SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) Stock Position Decreased by Bank of America Corp DE

Bank of America Corp DE lessened its holdings in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX - Free Report) by 51.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 416,888 shares of the company's stock after selling 444,322 shares during the quarter. Bank of America Corp DE owned approximately 0.56% of SpringWorks Therapeutics worth $15,062,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SWTX. BNP Paribas Financial Markets acquired a new position in SpringWorks Therapeutics in the fourth quarter valued at approximately $351,000. Ameriprise Financial Inc. lifted its holdings in shares of SpringWorks Therapeutics by 21.7% in the 4th quarter. Ameriprise Financial Inc. now owns 971,099 shares of the company's stock worth $35,087,000 after purchasing an additional 173,222 shares during the last quarter. Algert Global LLC acquired a new position in SpringWorks Therapeutics during the 4th quarter valued at approximately $1,277,000. ArrowMark Colorado Holdings LLC boosted its position in SpringWorks Therapeutics by 0.5% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,499,134 shares of the company's stock valued at $54,164,000 after purchasing an additional 7,072 shares during the period. Finally, Boxer Capital Management LLC bought a new position in SpringWorks Therapeutics during the 4th quarter worth $123,620,000.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SWTX shares. Guggenheim reissued a "neutral" rating and set a $47.00 price target on shares of SpringWorks Therapeutics in a report on Monday, May 12th. TD Cowen reissued a "hold" rating and set a $47.00 target price (down from $66.00) on shares of SpringWorks Therapeutics in a research note on Tuesday, April 29th. Barclays restated an "equal weight" rating and issued a $47.00 price target (down previously from $63.00) on shares of SpringWorks Therapeutics in a research note on Monday, April 28th. Wedbush reaffirmed a "neutral" rating and set a $47.00 price target (down previously from $81.00) on shares of SpringWorks Therapeutics in a report on Monday, April 28th. Finally, Cowen downgraded SpringWorks Therapeutics to a "hold" rating in a research report on Tuesday, April 29th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $52.57.

Insider Activity

In related news, CEO Saqib Islam sold 49,000 shares of SpringWorks Therapeutics stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $54.24, for a total transaction of $2,657,760.00. Following the transaction, the chief executive officer now directly owns 954,869 shares of the company's stock, valued at $51,792,094.56. The trade was a 4.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Badreddin Edris sold 20,000 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $54.23, for a total transaction of $1,084,600.00. Following the completion of the sale, the chief operating officer now owns 169,712 shares in the company, valued at approximately $9,203,481.76. This trade represents a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.83% of the stock is owned by insiders.

SpringWorks Therapeutics Stock Performance

Shares of SWTX stock traded down $0.02 during midday trading on Tuesday, reaching $46.46. 3,690,748 shares of the company were exchanged, compared to its average volume of 2,180,322. The company's 50 day moving average price is $43.39 and its two-hundred day moving average price is $42.94. The company has a market cap of $3.50 billion, a P/E ratio of -13.35 and a beta of 0.77. SpringWorks Therapeutics, Inc. has a 12 month low of $28.21 and a 12 month high of $62.00.

SpringWorks Therapeutics (NASDAQ:SWTX - Get Free Report) last announced its 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 the consensus estimate of $64.19 million. SpringWorks Therapeutics had a negative return on equity of 46.74% and a negative net margin of 134.73%. As a group, sell-side analysts predict that SpringWorks Therapeutics, Inc. will post -2.05 earnings per share for the current year.

SpringWorks Therapeutics 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.