Lord Abbett & CO. LLC boosted its position in shares of SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) by 678.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 353,916 shares of the company’s stock after buying an additional 308,468 shares during the quarter. Lord Abbett & CO. LLC’s holdings in SpringWorks Therapeutics were worth $22,453,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. boosted its position in shares of SpringWorks Therapeutics by 213.0% in the 3rd quarter. Advisor Group Holdings Inc. now owns 795 shares of the company’s stock valued at $51,000 after purchasing an additional 541 shares during the period. Fieldpoint Private Securities LLC acquired a new position in shares of SpringWorks Therapeutics in the 2nd quarter valued at $60,000. IFP Advisors Inc acquired a new position in shares of SpringWorks Therapeutics in the 3rd quarter valued at $65,000. O Shaughnessy Asset Management LLC acquired a new position in shares of SpringWorks Therapeutics in the 2nd quarter valued at $66,000. Finally, FORA Capital LLC acquired a new position in shares of SpringWorks Therapeutics in the 2nd quarter valued at $127,000.
Shares of SpringWorks Therapeutics stock opened at $62.48 on Friday. The stock has a 50-day moving average price of $67.29 and a 200 day moving average price of $71.19. The company has a market cap of $3.08 billion, a P/E ratio of -28.53 and a beta of 0.71. SpringWorks Therapeutics, Inc. has a 1 year low of $51.72 and a 1 year high of $96.48.
Separately, Zacks Investment Research lowered SpringWorks Therapeutics from a “hold” rating to a “sell” rating and set a $66.00 price target for the company. in a research report on Friday, January 7th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $107.20.
In related news, CEO Saqib Islam sold 10,083 shares of the stock in a transaction dated Wednesday, October 20th. The stock was sold at an average price of $58.67, for a total value of $591,569.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 30.76% of the stock is currently owned by corporate insiders.
About SpringWorks Therapeutics
SpringWorks Therapeutics, Inc acquires, develops, and commercializes medicines for underserved patient populations suffering from rare diseases and cancer. Its lead product candidate is nirogacestat, an oral small molecule gamma secretase inhibitor that is in Phase 3 clinical trials for the treatment of desmoid tumors.
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