Zacks Investment Research Lowers Turning Point Therapeutics (NASDAQ:TPTX) to Sell

Zacks Investment Research lowered shares of Turning Point Therapeutics (NASDAQ:TPTXGet Rating) from a hold rating to a sell rating in a research report released on Wednesday, Zacks.com reports.

According to Zacks, “Turning Point Therapeutics is a clinical-stage biopharmaceutical company designing and developing novel small molecule, targeted oncology therapies to address key limitations of existing therapies and improve the lives of patients. Their internally developed and wholly owned pipeline of next-generation tyrosine kinase inhibitors (TKIs) targets numerous genetic drivers of cancer in both TKI-naïve and TKI-pretreated patients. The pervasive challenges of intrinsic and acquired treatment resistance often limit the response rate and durability of existing therapies. One of these challenges is the emergence of solvent front mutations, which are a common cause of acquired resistance to currently approved therapies for ROS1, TRK and ALK kinases. They have developed a macrocycle platform enabling us to design proprietary small, compact TKIs with rigid three-dimensional structures that potentially bind to their targets with greater precision and affinity than other kinase inhibitors. “

A number of other analysts have also commented on the stock. SVB Leerink reaffirmed an outperform rating on shares of Turning Point Therapeutics in a research note on Tuesday, February 8th. Wells Fargo & Company dropped their price target on shares of Turning Point Therapeutics from $120.00 to $85.00 and set an overweight rating on the stock in a research note on Thursday, February 10th. HC Wainwright lowered their target price on shares of Turning Point Therapeutics from $162.00 to $161.00 and set a buy rating on the stock in a research note on Tuesday, March 22nd. Oppenheimer reduced their price target on shares of Turning Point Therapeutics from $115.00 to $105.00 and set an outperform rating for the company in a report on Friday, January 21st. Finally, Stifel Nicolaus reduced their price objective on shares of Turning Point Therapeutics from $50.00 to $45.00 and set a hold rating for the company in a report on Tuesday, March 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Buy and an average target price of $96.00.

Turning Point Therapeutics stock opened at $33.53 on Wednesday. Turning Point Therapeutics has a fifty-two week low of $23.77 and a fifty-two week high of $83.06. The stock has a fifty day moving average of $29.12 and a two-hundred day moving average of $36.61.

Turning Point Therapeutics (NASDAQ:TPTXGet Rating) last issued its quarterly earnings data on Monday, February 28th. The company reported ($1.58) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.40) by ($0.18). On average, research analysts anticipate that Turning Point Therapeutics will post -6.74 EPS for the current year.

In related news, CEO Athena Countouriotis sold 2,971 shares of the business’s stock in a transaction that occurred on Wednesday, February 9th. The shares were sold at an average price of $36.30, for a total transaction of $107,847.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.30% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. lifted its holdings in shares of Turning Point Therapeutics by 60.4% during the fourth quarter. Alliancebernstein L.P. now owns 2,009,191 shares of the company’s stock valued at $95,838,000 after purchasing an additional 756,418 shares during the last quarter. State Street Corp raised its stake in shares of Turning Point Therapeutics by 45.1% in the fourth quarter. State Street Corp now owns 2,274,518 shares of the company’s stock worth $108,495,000 after buying an additional 706,465 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Turning Point Therapeutics during the 4th quarter valued at approximately $27,220,000. Boxer Capital LLC purchased a new position in Turning Point Therapeutics during the 3rd quarter valued at approximately $34,876,000. Finally, Pictet Asset Management SA boosted its holdings in shares of Turning Point Therapeutics by 42.1% in the 4th quarter. Pictet Asset Management SA now owns 1,678,893 shares of the company’s stock worth $80,083,000 after purchasing an additional 497,071 shares during the period. 90.33% of the stock is currently owned by institutional investors and hedge funds.

About Turning Point Therapeutics (Get Rating)

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.

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