Tesaro Inc. (TSRO) Given Outperform Rating at Credit Suisse Group AG
Tesaro Inc. (NASDAQ:TSRO)‘s stock had its “outperform” rating reissued by equities researchers at Credit Suisse Group AG in a report released on Monday. They currently have a $122.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $90.00. Credit Suisse Group AG’s price target would indicate a potential upside of 3.47% from the stock’s current price.
The analysts wrote, “Our M&A DCF valuations range from $122 to $157 by our model. We have also built models for other cancers like NSCLC, SCLC, prostate, and others where PARP might be impactful. We assume 0 percent POS for now but we conservatively see at least another $1 billion in sales from PARP expansion,” analyst Alethia Young wrote in a note.”For a large Pharma player who already has an oncology salesforce and large R&D infrastructure we could see SG&A synergies of 50–75 percent and R&D synergies of 15–30 percent. In our base case TSRO P&L we model a tax rate of 30 percent so there could be synergies here as well,” Young added.Young also sees further upside to valuation in the long-term from:”PARP expansion in other platinum sensitive tumors.””Potential HRD- sales in 1L as we expect the company will amend the protocol.””Readouts in breast cancer PARP studies in ’17.””Immuno-oncology where we expect early data over 2017.”
TSRO has been the subject of several other research reports. RBC Capital Markets reaffirmed an “outperform” rating and set a $122.00 price objective on shares of Tesaro in a research report on Wednesday, August 24th. Leerink Swann raised their price objective on shares of Tesaro from $65.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, June 30th. Wedbush reaffirmed a “buy” rating on shares of Tesaro in a research report on Friday, August 5th. Robert W. Baird started coverage on shares of Tesaro in a research report on Monday, July 18th. They set an “outperform” rating and a $105.00 price objective for the company. Finally, Citigroup Inc. raised their price objective on shares of Tesaro from $90.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, August 8th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $109.76.
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Tesaro (NASDAQ:TSRO) traded up 18.79% during mid-day trading on Monday, reaching $117.91. 5,851,524 shares of the company’s stock traded hands. Tesaro has a 12 month low of $29.51 and a 12 month high of $122.89. The stock’s market cap is $6.06 billion. The company has a 50 day moving average price of $96.42 and a 200-day moving average price of $68.96.
Tesaro (NASDAQ:TSRO) last released its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($1.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.71) by $0.43. Tesaro had a negative net margin of 783.97% and a negative return on equity of 205.63%. The firm earned $36.60 million during the quarter, compared to analyst estimates of $4.98 million. During the same quarter last year, the business earned ($1.51) EPS. On average, analysts anticipate that Tesaro will post ($7.36) EPS for the current year.
In other news, SVP Martin H. Jr. Huber sold 408 shares of Tesaro stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $108.12, for a total transaction of $44,112.96. Following the sale, the senior vice president now directly owns 1,250 shares in the company, valued at approximately $135,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Edward C. English sold 7,000 shares of Tesaro stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $88.54, for a total value of $619,780.00. Following the sale, the vice president now owns 3,500 shares in the company, valued at $309,890. The disclosure for this sale can be found here. Company insiders own 40.50% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. American International Group Inc. boosted its stake in Tesaro by 3.0% in the second quarter. American International Group Inc. now owns 14,134 shares of the biopharmaceutical company’s stock worth $1,188,000 after buying an additional 406 shares during the last quarter. Raymond James & Associates boosted its stake in Tesaro by 4.7% in the second quarter. Raymond James & Associates now owns 11,062 shares of the biopharmaceutical company’s stock worth $930,000 after buying an additional 500 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in Tesaro by 3.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 19,006 shares of the biopharmaceutical company’s stock worth $1,597,000 after buying an additional 637 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in Tesaro by 23.9% in the second quarter. Teacher Retirement System of Texas now owns 3,954 shares of the biopharmaceutical company’s stock worth $332,000 after buying an additional 762 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in Tesaro by 13.3% in the first quarter. BlackRock Inc. now owns 7,096 shares of the biopharmaceutical company’s stock worth $312,000 after buying an additional 834 shares during the last quarter. Institutional investors own 88.81% of the company’s stock.
TESARO, Inc is an oncology-focused biopharmaceutical company. The Company acquires, in-licenses and develops oncology product candidates. It operates in business of developing and commercializing oncology-focused therapeutics segment. It has in-licensed and are developing oncology-related product candidates, including intravenous (IV) rolapitant and niraparib, as well as product candidates under its immuno-oncology platform.
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