Turning Point Therapeutics, Inc. (NASDAQ:TPTX) Given Consensus Recommendation of “Hold” by Analysts

Posted by Kyle Jackson on Aug 5th, 2022

Shares of Turning Point Therapeutics, Inc. (NASDAQ:TPTX – Get Rating) have been assigned an average recommendation of “Hold” from the twelve ratings firms that are currently covering the stock, Marketbeat.com reports. Eight analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $78.22.

TPTX has been the topic of several research reports. Wells Fargo & Company downgraded shares of Turning Point Therapeutics from an “overweight” rating to an “equal weight” rating and set a $76.00 price objective on the stock. in a report on Friday, June 3rd. SVB Leerink cut shares of Turning Point Therapeutics from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $101.00 to $76.00 in a research report on Monday, June 13th. Cowen cut shares of Turning Point Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday, June 6th. Cowen cut shares of Turning Point Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday, June 6th. Finally, Bank of America began coverage on shares of Turning Point Therapeutics in a research report on Friday, May 20th. They issued a “buy” rating and a $58.00 target price for the company.

Insider Buying and Selling

In related news, CFO Paolo Tombesi sold 1,183 shares of the company’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $74.94, for a total transaction of $88,654.02. Following the completion of the sale, the chief financial officer now owns 28,700 shares of the company’s stock, valued at $2,150,778. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Congress Asset Management Co. MA raised its stake in Turning Point Therapeutics by 0.4% during the second quarter. Congress Asset Management Co. MA now owns 70,100 shares of the company’s stock worth $5,275,000 after acquiring an additional 308 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in Turning Point Therapeutics by 2.4% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 16,870 shares of the company’s stock worth $789,000 after acquiring an additional 400 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Turning Point Therapeutics by 5.7% during the first quarter. Teacher Retirement System of Texas now owns 8,498 shares of the company’s stock worth $228,000 after acquiring an additional 461 shares in the last quarter. Guggenheim Capital LLC increased its stake in shares of Turning Point Therapeutics by 4.3% in the first quarter. Guggenheim Capital LLC now owns 12,307 shares of the company’s stock valued at $330,000 after buying an additional 504 shares during the period. Finally, US Bancorp DE increased its stake in shares of Turning Point Therapeutics by 44.2% in the second quarter. US Bancorp DE now owns 1,648 shares of the company’s stock valued at $124,000 after buying an additional 505 shares during the period. Institutional investors and hedge funds own 90.33% of the company’s stock.

Turning Point Therapeutics Price Performance

NASDAQ:TPTX opened at $75.25 on Friday. Turning Point Therapeutics has a one year low of $23.77 and a one year high of $82.20. The company has a market cap of $3.74 billion, a P/E ratio of -13.53 and a beta of -0.18. The firm’s fifty day moving average price is $70.94 and its two-hundred day moving average price is $45.09.

Turning Point Therapeutics (NASDAQ:TPTX – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.45) by ($0.05). The business had revenue of $0.40 million for the quarter. During the same period in the prior year, the company earned ($0.73) EPS. The business’s quarterly revenue was down 98.4% compared to the same quarter last year. As a group, equities research analysts expect that Turning Point Therapeutics will post -6.85 earnings per share for the current year.

Turning Point Therapeutics Company Profile

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Turning Point Therapeutics, Inc, a clinical-stage precision oncology biopharmaceutical company, engages in designing and developing therapies that target genetic drivers of cancer. It develops a pipeline of tyrosine kinase inhibitors (TKIs) that targets genetic drivers of cancer in TKI-naïve and TKI-pretreated patients.