TESARO, Inc. (NASDAQ:TSRO) Trading Down 6.5% on Disappointing Earnings
TESARO, Inc. (NASDAQ:TSRO)’s share price dropped 6.5% on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $110.80 and last traded at $116.18, with a volume of 2,826,911 shares changing hands. The stock had previously closed at $124.31.
The biopharmaceutical company reported ($2.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.52) by $0.30. TESARO had a negative net margin of 910.35% and a negative return on equity of 96.49%. The firm had revenue of $29.50 million during the quarter, compared to analyst estimates of $18.61 million. During the same quarter in the prior year, the firm earned ($1.28) earnings per share. The business’s revenue for the quarter was down 17.6% on a year-over-year basis.
Several equities research analysts recently commented on TSRO shares. Citigroup Inc. reissued a “buy” rating and issued a $216.00 price target (down previously from $232.00) on shares of TESARO in a report on Saturday, April 22nd. Cann reissued a “buy” rating and issued a $199.00 price target on shares of TESARO in a report on Monday, June 5th. Oppenheimer Holdings, Inc. set a $199.00 price target on shares of TESARO and gave the stock a “buy” rating in a report on Sunday, June 4th. Credit Suisse Group set a $198.00 price target on shares of TESARO and gave the stock a “buy” rating in a report on Monday, June 5th. Finally, Bank of America Corporation reissued a “buy” rating and issued a $154.00 price target on shares of TESARO in a report on Tuesday, June 20th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $177.54.
In other news, VP Edward C. English sold 8,500 shares of the company’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $138.65, for a total transaction of $1,178,525.00. Following the completion of the sale, the vice president now owns 5,396 shares of the company’s stock, valued at $748,155.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 34.60% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of TESARO by 4,504.8% in the first quarter. BlackRock Inc. now owns 3,409,657 shares of the biopharmaceutical company’s stock worth $524,643,000 after buying an additional 3,335,611 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of TESARO by 167.9% in the first quarter. TIAA CREF Investment Management LLC now owns 367,519 shares of the biopharmaceutical company’s stock worth $56,550,000 after buying an additional 230,353 shares in the last quarter. Pioneer Investment Management Inc. raised its stake in shares of TESARO by 195.6% in the second quarter. Pioneer Investment Management Inc. now owns 317,753 shares of the biopharmaceutical company’s stock worth $44,441,000 after buying an additional 210,273 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of TESARO by 35.0% in the first quarter. Bank of New York Mellon Corp now owns 675,597 shares of the biopharmaceutical company’s stock worth $103,954,000 after buying an additional 175,273 shares in the last quarter. Finally, Tobam purchased a new stake in shares of TESARO during the second quarter worth about $20,189,000.
The stock’s market capitalization is $6.26 billion. The stock’s 50 day moving average price is $134.07 and its 200 day moving average price is $150.24.
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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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