Alpha Tau Medical (NASDAQ:DRTS) Shares Gap Up – Here’s Why

Alpha Tau Medical Ltd. (NASDAQ:DRTS)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $6.56, but opened at $6.81. Alpha Tau Medical shares last traded at $7.3840, with a volume of 141,013 shares traded.

Analyst Ratings Changes

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

Alpha Tau Medical Price Performance

The stock has a market capitalization of $603.92 million, a P/E ratio of -13.69 and a beta of 1.04. The stock has a 50 day moving average price of $4.76 and a 200-day moving average price of $3.99.

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

Institutional Inflows and Outflows

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

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.