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Turning Point Therapeutics (NASDAQ:TPTX) Sees Unusually-High Trading Volume

Financial News Live · Aug 16, 2022 13:01

Shares of Turning Point Therapeutics, Inc. (NASDAQ:TPTX – Get Rating) saw strong trading volume on Tuesday . 50,472 shares changed hands during mid-day trading, a decline of 94% from the previous session's volume of 866,046 shares.The stock last traded at $75.99 and had previously closed at $75.49.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. HC Wainwright downgraded Turning Point Therapeutics from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $161.00 to $76.00 in a report on Monday, June 6th. The Goldman Sachs Group cut their target price on Turning Point Therapeutics from $143.00 to $116.00 and set a "buy" rating on the stock in a research note on Tuesday, May 24th. Wedbush lowered Turning Point Therapeutics from an "outperform" rating to a "neutral" rating and boosted their price target for the stock from $61.00 to $76.00 in a research note on Friday, June 3rd. SVB Leerink downgraded Turning Point Therapeutics from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from $101.00 to $76.00 in a report on Monday, June 13th. Finally, Guggenheim set a $76.00 price target on Turning Point Therapeutics in a report on Monday, June 20th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $78.22.

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Turning Point Therapeutics Trading Up 0.7 %

The company has a fifty day simple moving average of $74.97 and a 200-day simple moving average of $47.14. The company has a market capitalization of $3.80 billion, a PE ratio of -10.94 and a beta of -0.18.

Turning Point Therapeutics (NASDAQ:TPTX – Get Rating) last released its quarterly earnings results on Monday, August 8th. The company reported ($2.48) earnings per share for the quarter, missing analysts' consensus estimates of ($1.78) by ($0.70). The firm had revenue of $0.12 million during the quarter, compared to analyst estimates of $2.27 million. The company's revenue for the quarter was down 97.7% on a year-over-year basis. During the same period in the previous year, the company posted ($1.14) EPS. On average, equities analysts predict that Turning Point Therapeutics, Inc. will post -7.69 EPS for the current fiscal year.

Insider Transactions at Turning Point Therapeutics

In other news, CFO Paolo Tombesi sold 1,183 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $74.94, for a total transaction of $88,654.02. Following the completion of the transaction, the chief financial officer now directly owns 28,700 shares in the company, valued at approximately $2,150,778. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 8.60% of the company's stock.

Hedge Funds Weigh In On Turning Point Therapeutics

Several hedge funds have recently bought and sold shares of TPTX. Captrust Financial Advisors lifted its stake in Turning Point Therapeutics by 176.5% during the 1st quarter. Captrust Financial Advisors now owns 1,045 shares of the company's stock worth $28,000 after acquiring an additional 667 shares in the last quarter. US Bancorp DE raised its position in Turning Point Therapeutics by 139.6% in the 1st quarter. US Bancorp DE now owns 1,143 shares of the company's stock valued at $31,000 after purchasing an additional 666 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Turning Point Therapeutics in the 1st quarter valued at about $96,000. Virtus ETF Advisers LLC raised its position in Turning Point Therapeutics by 51.0% in the 4th quarter. Virtus ETF Advisers LLC now owns 4,131 shares of the company's stock valued at $197,000 after purchasing an additional 1,396 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new stake in Turning Point Therapeutics in the 2nd quarter valued at about $223,000. Institutional investors and hedge funds own 90.33% of the company's stock.

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.