IndexIQ Advisors LLC purchased a new stake in Turning Point Therapeutics, Inc. (NASDAQ:TPTX – Get Rating) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 14,134 shares of the company's stock, valued at approximately $379,000.
A number of other large investors have also recently modified their holdings of TPTX. Alliancebernstein L.P. boosted its holdings in shares of Turning Point Therapeutics by 60.4% in the fourth quarter. Alliancebernstein L.P. now owns 2,009,191 shares of the company's stock valued at $95,838,000 after purchasing an additional 756,418 shares during the period. State Street Corp boosted its holdings in shares of Turning Point Therapeutics by 45.1% in the fourth quarter. State Street Corp now owns 2,274,518 shares of the company's stock valued at $108,495,000 after purchasing an additional 706,465 shares during the period. Pictet Asset Management SA boosted its holdings in shares of Turning Point Therapeutics by 42.1% in the fourth quarter. Pictet Asset Management SA now owns 1,678,893 shares of the company's stock valued at $80,083,000 after purchasing an additional 497,071 shares during the period. Citadel Advisors LLC raised its stake in Turning Point Therapeutics by 170.8% in the fourth quarter. Citadel Advisors LLC now owns 646,226 shares of the company's stock worth $30,825,000 after buying an additional 407,578 shares in the last quarter. Finally, Rafferty Asset Management LLC raised its stake in Turning Point Therapeutics by 214.5% in the fourth quarter. Rafferty Asset Management LLC now owns 134,637 shares of the company's stock worth $6,422,000 after buying an additional 91,821 shares in the last quarter. Hedge funds and other institutional investors own 90.33% of the company's stock.
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In related news, CFO Paolo Tombesi sold 1,183 shares of the company's stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $74.94, for a total value of $88,654.02. Following the transaction, the chief financial officer now directly owns 28,700 shares of the company's stock, valued at approximately $2,150,778. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 8.60% of the stock is owned by insiders.
Turning Point Therapeutics Price Performance
NASDAQ TPTX opened at $75.00 on Friday. The stock's fifty day moving average price is $74.94 and its 200 day moving average price is $46.41. Turning Point Therapeutics, Inc. has a 1 year low of $23.77 and a 1 year high of $82.20. The company has a market cap of $3.72 billion, a price-to-earnings ratio of -10.87 and a beta of -0.18.Turning Point Therapeutics (NASDAQ:TPTX – Get Rating) last released its earnings results on Monday, August 8th. The company reported ($2.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.70) by ($0.78). The company had revenue of $0.12 million during the quarter, compared to analysts' expectations of $2.27 million. During the same quarter last year, the firm posted ($1.14) earnings per share. Turning Point Therapeutics's revenue for the quarter was down 97.7% compared to the same quarter last year. Research analysts expect that Turning Point Therapeutics, Inc. will post -6.85 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on TPTX shares. Wedbush downgraded shares of Turning Point Therapeutics from an "outperform" rating to a "neutral" rating and boosted their price objective for the stock from $61.00 to $76.00 in a research note on Friday, June 3rd. Bank of America started coverage on shares of Turning Point Therapeutics in a research note on Friday, May 20th. They issued a "buy" rating and a $58.00 price objective for the company. Wells Fargo & Company downgraded shares of Turning Point Therapeutics from an "overweight" rating to an "equal weight" rating and set a $76.00 price objective for the company. in a research note on Friday, June 3rd. Cowen downgraded shares of Turning Point Therapeutics from an "outperform" rating to a "market perform" rating in a research note on Monday, June 6th. Finally, HC Wainwright downgraded Turning Point Therapeutics from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $161.00 to $76.00 in a research report on Monday, June 6th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $78.22.
Turning Point Therapeutics Company Profile
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Turning Point Therapeutics, Inc, a clinical-stage precision oncology biopharmaceutical company, engages in designing and developing therapies that target genetic drivers of cancer. It develops a pipeline of tyrosine kinase inhibitors (TKIs) that targets genetic drivers of cancer in TKI-naïve and TKI-pretreated patients.
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