Alpha Tau Medical (NASDAQ:DRTS) Shares Down 6.2% – Here’s What Happened

Alpha Tau Medical Ltd. (NASDAQ:DRTS) fell 6.2% on Friday . The company traded as low as $7.00 and last traded at $7.20. 185,682 shares were traded during trading, a decline of 66% from the average session volume of 548,826 shares. The stock had previously closed at $7.68.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on DRTS shares. Wall Street Zen raised shares of Alpha Tau Medical to a “sell” rating in a research note on Saturday, November 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alpha Tau Medical in a research note on Wednesday, October 8th. HC Wainwright reissued a “buy” rating on shares of Alpha Tau Medical in a report on Wednesday, December 10th. Finally, Citigroup decreased their price target on Alpha Tau Medical from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, December 10th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Alpha Tau Medical has an average rating of “Hold” and an average price target of $8.00.

Alpha Tau Medical Stock Down 7.3%

The firm has a market capitalization of $603.92 million, a price-to-earnings ratio of -13.69 and a beta of 1.04. The firm’s 50 day moving average is $4.82 and its 200 day moving average is $4.03.

Alpha Tau Medical (NASDAQ:DRTS) last posted its quarterly earnings results on Thursday, November 20th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). On average, sell-side analysts predict that Alpha Tau Medical Ltd. will post -0.45 earnings per share for the current year.

Institutional Investors Weigh In On Alpha Tau Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in DRTS. Levin Capital Strategies L.P. boosted its position in Alpha Tau Medical by 6.3% during the third quarter. Levin Capital Strategies L.P. now owns 204,714 shares of the company’s stock worth $923,000 after purchasing an additional 12,200 shares during the period. Envestnet Asset Management Inc. acquired a new stake in shares of Alpha Tau Medical in the third quarter worth $62,000. Bank of America Corp DE lifted its stake in shares of Alpha Tau Medical by 2,779.1% in the third quarter. Bank of America Corp DE now owns 22,457 shares of the company’s stock worth $101,000 after buying an additional 21,677 shares during the last quarter. Millennium Management LLC bought a new stake in shares of Alpha Tau Medical during the 3rd quarter worth $170,000. Finally, Mariner LLC grew its stake in Alpha Tau Medical by 185.8% in the 3rd quarter. Mariner LLC now owns 123,250 shares of the company’s stock valued at $556,000 after buying an additional 80,129 shares during the last quarter. 2.65% of the stock is currently owned by institutional investors and hedge funds.

About Alpha Tau Medical

Alpha Tau Medical Ltd. is a medical technology company headquartered in Ness Ziona, Israel, focused on developing targeted alpha-radiation therapies for the treatment of solid tumors. The company’s core innovation, known as Diffusing Alpha-emitters Radiation Therapy (DaRT), employs short-lived radioactive isotopes to deliver high-energy alpha particles directly within or adjacent to tumor tissues. By harnessing the potent cytotoxic effects of alpha radiation, Alpha Tau Medical aims to offer a novel approach to brachytherapy that can potentially overcome radioresistance and spare surrounding healthy tissue.

The company’s lead product, Alpha DaRT, is currently being evaluated in clinical studies for a range of indications including recurrent or metastatic head and neck cancers, skin cancers, and other solid tumors.