Cormorant Asset Management LP Has $20.47 Million Stock Position in Tarsus Pharmaceuticals, Inc. $TARS

Cormorant Asset Management LP reduced its position in Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS) by 16.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 250,000 shares of the company’s stock after selling 50,000 shares during the period. Tarsus Pharmaceuticals accounts for 0.9% of Cormorant Asset Management LP’s investment portfolio, making the stock its 20th biggest holding. Cormorant Asset Management LP’s holdings in Tarsus Pharmaceuticals were worth $20,470,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Deep Track Capital LP grew its stake in shares of Tarsus Pharmaceuticals by 71.4% during the third quarter. Deep Track Capital LP now owns 3,000,000 shares of the company’s stock worth $178,290,000 after purchasing an additional 1,250,000 shares during the period. Vanguard Group Inc. lifted its holdings in Tarsus Pharmaceuticals by 5.6% during the 4th quarter. Vanguard Group Inc. now owns 2,399,560 shares of the company’s stock worth $196,476,000 after purchasing an additional 127,470 shares during the last quarter. Morgan Stanley lifted its position in Tarsus Pharmaceuticals by 6.7% during the fourth quarter. Morgan Stanley now owns 2,040,742 shares of the company’s stock worth $167,096,000 after purchasing an additional 128,340 shares during the period. Geode Capital Management LLC raised its position in shares of Tarsus Pharmaceuticals by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 947,763 shares of the company’s stock valued at $77,616,000 after buying an additional 3,267 shares in the last quarter. Finally, Invesco Ltd. raised its position in Tarsus Pharmaceuticals by 0.9% during the third quarter. Invesco Ltd. now owns 937,006 shares of the company’s stock valued at $55,686,000 after purchasing an additional 8,505 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on TARS shares. Oppenheimer began coverage on shares of Tarsus Pharmaceuticals in a report on Friday, April 24th. They set an “outperform” rating and a $98.00 price target on the stock. Zacks Research lowered shares of Tarsus Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 25th. HC Wainwright reissued a “buy” rating and set a $88.00 target price on shares of Tarsus Pharmaceuticals in a research note on Monday, May 4th. Wall Street Zen upgraded Tarsus Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Guggenheim raised their price objective on shares of Tarsus Pharmaceuticals from $87.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Tarsus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $90.67.

Insider Transactions at Tarsus Pharmaceuticals

In related news, insider Jeffrey S. Farrow sold 14,396 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $60.95, for a total transaction of $877,436.20. Following the transaction, the insider owned 56,801 shares of the company’s stock, valued at approximately $3,462,020.95. This trade represents a 20.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Katherine Goodrich sold 2,954 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $62.08, for a total transaction of $183,384.32. Following the transaction, the director directly owned 2,233 shares in the company, valued at approximately $138,624.64. This represents a 56.95% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 29,850 shares of company stock valued at $1,837,321 in the last quarter. Insiders own 9.64% of the company’s stock.

Tarsus Pharmaceuticals Stock Performance

Shares of TARS opened at $62.55 on Thursday. The stock’s fifty day moving average price is $63.47 and its two-hundred day moving average price is $69.54. Tarsus Pharmaceuticals, Inc. has a 1 year low of $38.51 and a 1 year high of $85.25. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.74 and a quick ratio of 3.71. The firm has a market cap of $2.69 billion, a PE ratio of -54.87 and a beta of 0.49.

Tarsus Pharmaceuticals (NASDAQ:TARS) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.24. The company had revenue of $162.05 million for the quarter, compared to analyst estimates of $149.60 million. Tarsus Pharmaceuticals had a negative return on equity of 14.19% and a negative net margin of 9.02%. On average, equities research analysts forecast that Tarsus Pharmaceuticals, Inc. will post -0.59 EPS for the current year.

Tarsus Pharmaceuticals Company Profile

Tarsus Pharmaceuticals, Inc is a clinical‐stage biopharmaceutical company focused on developing novel therapies for diseases of the eye and ocular surface. The company’s research platform centers on neuro‐effector modulation to address underlying disease mechanisms rather than solely treating symptoms. Tarsus’s lead candidate, OC-01 (varenicline solution), is an intranasal formulation in Phase 3 development for the treatment of dry eye disease, a condition affecting millions worldwide and associated with significant patient discomfort and reduced quality of life.

In addition to its dry eye program, Tarsus is advancing preclinical and early‐stage programs targeting other ophthalmic indications, including allergic conjunctivitis and retinal disorders.