Cann Reiterates “Buy” Rating for TESARO, Inc. (TSRO)
“Total Q3 revenue of $142.8 million included a $100 million upfront payment. Net of the upfront payment, revenue was 27.4% higher than our estimated $33.6 million due to stronger than estimated Zejula sales. Total operating expenses of $164.9 million were 3.0% lower than our estimated $170.0 million due to lower than estimated R&D expense. Due to the combination of higher than estimated revenue and slightly lower expenses, Tesaro lost $0.47 per share compared to our estimated loss per share of $2.56.”,” Cann’s analyst commented.
Several other equities research analysts have also recently weighed in on the stock. Credit Suisse Group set a $198.00 price target on shares of TESARO and gave the company a buy rating in a research report on Wednesday, July 19th. ValuEngine cut shares of TESARO from a hold rating to a sell rating in a research report on Monday, July 17th. BidaskClub cut shares of TESARO from a sell rating to a strong sell rating in a research report on Wednesday, July 19th. Citigroup Inc. reissued a buy rating and set a $216.00 price target on shares of TESARO in a research report on Monday, September 11th. Finally, Zacks Investment Research cut shares of TESARO from a hold rating to a sell rating in a research report on Tuesday, October 17th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. TESARO currently has an average rating of Hold and a consensus target price of $164.85.
Shares of TESARO (NASDAQ TSRO) opened at $91.09 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 4.73 and a quick ratio of 5.41. TESARO has a 12-month low of $89.00 and a 12-month high of $192.94.
TESARO (NASDAQ:TSRO) last announced its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.47) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.16) by $0.69. The business had revenue of $142.77 million during the quarter, compared to analysts’ expectations of $130.57 million. TESARO had a negative net margin of 251.22% and a negative return on equity of 93.39%. The firm’s revenue for the quarter was up 740.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.72) EPS. sell-side analysts forecast that TESARO will post -8.21 earnings per share for the current fiscal year.
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In other TESARO news, VP Edward C. English sold 10,862 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $134.92, for a total transaction of $1,465,501.04. Following the completion of the sale, the vice president now directly owns 6,258 shares in the company, valued at approximately $844,329.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Grant C. Bogle sold 14,167 shares of the firm’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $135.00, for a total transaction of $1,912,545.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,692 shares of company stock valued at $4,628,976. 40.50% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in TESARO by 5.7% during the 2nd quarter. BlackRock Inc. now owns 3,605,247 shares of the biopharmaceutical company’s stock valued at $504,230,000 after purchasing an additional 195,590 shares in the last quarter. Vanguard Group Inc. increased its stake in TESARO by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 2,978,236 shares of the biopharmaceutical company’s stock valued at $416,537,000 after purchasing an additional 62,104 shares in the last quarter. State Street Corp increased its stake in TESARO by 17.9% during the 2nd quarter. State Street Corp now owns 1,168,913 shares of the biopharmaceutical company’s stock valued at $163,496,000 after purchasing an additional 177,057 shares in the last quarter. BB Biotech AG increased its stake in TESARO by 6.5% during the 2nd quarter. BB Biotech AG now owns 877,990 shares of the biopharmaceutical company’s stock valued at $122,796,000 after purchasing an additional 53,408 shares in the last quarter. Finally, Janus Henderson Group PLC bought a new stake in TESARO during the 2nd quarter valued at about $100,301,000.
TESARO Company Profile
TESARO, Inc is an oncology-focused biopharmaceutical company. The Company operates through the business of developing and commercializing of oncology-focused therapeutics segment. It is developing oncology-related product candidates, including rolapitant, niraparib and the product candidates under its immuno-oncology platform.
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