Turning Point Therapeutics (NASDAQ:TPTX) was the target of a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 3,120,000 shares, a growth of 9.1% from the June 30th total of 2,860,000 shares. Approximately 10.2% of the shares of the company are sold short. Based on an average daily volume of 381,500 shares, the days-to-cover ratio is currently 8.2 days.
Several research firms have weighed in on TPTX. Wells Fargo & Co increased their price objective on Turning Point Therapeutics from $62.00 to $76.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 13th. Roth Capital raised their price target on Turning Point Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. BidaskClub cut Turning Point Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday. HC Wainwright restated a “buy” rating and issued a $88.00 price target on shares of Turning Point Therapeutics in a research report on Tuesday, July 14th. Finally, Zacks Investment Research cut Turning Point Therapeutics from a “hold” rating to a “sell” rating in a research report on Friday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $70.50.
In other Turning Point Therapeutics news, Director Jingrong Jean Cui sold 18,500 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $54.02, for a total transaction of $999,370.00. Following the transaction, the director now owns 1,001,298 shares in the company, valued at approximately $54,090,117.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Athena Countouriotis acquired 4,166 shares of the stock in a transaction on Thursday, May 21st. The shares were purchased at an average price of $60.00 per share, for a total transaction of $249,960.00. Following the transaction, the chief executive officer now directly owns 26,872 shares in the company, valued at $1,612,320. The disclosure for this purchase can be found here. Insiders have sold a total of 88,000 shares of company stock valued at $5,171,565 in the last ninety days. Insiders own 23.20% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Deutsche Bank AG boosted its stake in shares of Turning Point Therapeutics by 31.6% during the first quarter. Deutsche Bank AG now owns 19,093 shares of the company’s stock valued at $853,000 after purchasing an additional 4,588 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Turning Point Therapeutics by 56.2% during the first quarter. JPMorgan Chase & Co. now owns 33,118 shares of the company’s stock valued at $1,479,000 after purchasing an additional 11,910 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Turning Point Therapeutics by 1,254.4% during the first quarter. Royal Bank of Canada now owns 24,067 shares of the company’s stock valued at $1,074,000 after purchasing an additional 22,290 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Turning Point Therapeutics by 1.6% during the first quarter. Bank of New York Mellon Corp now owns 104,376 shares of the company’s stock valued at $4,661,000 after purchasing an additional 1,694 shares in the last quarter. Finally, Aviva PLC acquired a new stake in shares of Turning Point Therapeutics during the first quarter valued at about $3,730,000. 81.58% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:TPTX opened at $59.23 on Friday. The stock’s 50-day simple moving average is $63.34 and its 200 day simple moving average is $56.18. The firm has a market capitalization of $2.13 billion, a PE ratio of -16.45 and a beta of 1.39. The company has a quick ratio of 34.91, a current ratio of 34.91 and a debt-to-equity ratio of 0.01. Turning Point Therapeutics has a twelve month low of $31.30 and a twelve month high of $72.03.
Turning Point Therapeutics (NASDAQ:TPTX) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($1.69) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($1.03). On average, analysts anticipate that Turning Point Therapeutics will post -4.47 EPS for the current fiscal year.
About Turning Point Therapeutics
Turning Point Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in designing and developing novel small molecule targeted oncology therapies. 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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