Versor Investments LP bought a new stake in Turning Point Therapeutics, Inc. (NASDAQ:TPTX – Get Rating) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 625,067 shares of the company's stock, valued at approximately $47,036,000. Turning Point Therapeutics accounts for 1.8% of Versor Investments LP's portfolio, making the stock its 20th biggest position. Versor Investments LP owned 1.26% of Turning Point Therapeutics as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. State Street Corp raised its stake in Turning Point Therapeutics by 37.2% in the first quarter. State Street Corp now owns 3,119,926 shares of the company's stock valued at $83,770,000 after purchasing an additional 845,408 shares in the last quarter. Federated Hermes Inc. raised its stake in Turning Point Therapeutics by 19.7% in the first quarter. Federated Hermes Inc. now owns 2,075,037 shares of the company's stock valued at $55,715,000 after purchasing an additional 341,455 shares in the last quarter. Frontier Capital Management Co. LLC raised its stake in Turning Point Therapeutics by 69.1% in the second quarter. Frontier Capital Management Co. LLC now owns 195,959 shares of the company's stock valued at $14,746,000 after purchasing an additional 80,062 shares in the last quarter. Barclays PLC raised its stake in Turning Point Therapeutics by 352.3% in the fourth quarter. Barclays PLC now owns 92,085 shares of the company's stock valued at $4,393,000 after purchasing an additional 71,727 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Turning Point Therapeutics by 20.4% during the first quarter. JPMorgan Chase & Co. now owns 384,426 shares of the company's stock worth $10,323,000 after acquiring an additional 65,212 shares in the last quarter. Institutional investors own 90.33% of the company's stock.
Get Turning Point Therapeutics alerts:Insider Activity at Turning Point Therapeutics
In related news, CFO Paolo Tombesi sold 1,183 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 28,700 shares in the company, valued at $2,150,778. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.60% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several brokerages have commented on TPTX. Guggenheim set a $76.00 target price on Turning Point Therapeutics in a research note on Monday, June 20th. SVB Leerink downgraded Turning Point Therapeutics from an "outperform" rating to a "market perform" rating and lowered their target price for the stock from $101.00 to $76.00 in a research note on Monday, June 13th. Nine equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Turning Point Therapeutics has an average rating of "Hold" and an average price target of $78.22.Turning Point Therapeutics Price Performance
Shares of NASDAQ:TPTX remained flat at $76.01 during midday trading on Friday. The stock had a trading volume of 4,322 shares, compared to its average volume of 1,137,726. The firm has a market cap of $3.81 billion, a PE ratio of -11.02 and a beta of -0.18. The business's 50 day simple moving average is $75.81 and its 200-day simple moving average is $59.18. Turning Point Therapeutics, Inc. has a 52 week low of $23.77 and a 52 week high of $82.20.
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 the consensus estimate of ($1.78) by ($0.70). The firm had revenue of $0.12 million during the quarter, compared to the consensus estimate of $2.27 million. The company's revenue was down 97.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.14) EPS. Research analysts forecast that Turning Point Therapeutics, Inc. will post -7.69 earnings per share for the current fiscal year.
Turning Point Therapeutics 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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