Oppenheimer Analysts Boost Earnings Estimates for Turning Point Therapeutics, Inc. (NASDAQ:TPTX)


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Turning Point Therapeutics, Inc. (NASDAQ:TPTX) – Research analysts at Oppenheimer raised their FY2021 earnings estimates for shares of Turning Point Therapeutics in a note issued to investors on Monday, January 11th. Oppenheimer analyst M. Biegler now anticipates that the company will earn ($4.41) per share for the year, up from their prior estimate of ($4.92). Oppenheimer currently has a “Outperform” rating and a $150.00 target price on the stock. Oppenheimer also issued estimates for Turning Point Therapeutics’ FY2023 earnings at ($7.36) EPS and FY2024 earnings at $1.15 EPS.

Several other equities research analysts have also recently weighed in on the company. JMP Securities upped their price target on Turning Point Therapeutics from $125.00 to $160.00 in a research report on Tuesday. Zacks Investment Research upgraded Turning Point Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday. BidaskClub cut Turning Point Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, December 30th. SVB Leerink upped their price target on Turning Point Therapeutics from $116.00 to $127.00 and gave the company an “outperform” rating in a research report on Monday, December 14th. Finally, Canaccord Genuity upped their price target on Turning Point Therapeutics from $85.00 to $122.00 and gave the company a “buy” rating in a research report on Tuesday, October 27th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $137.00.

Shares of TPTX opened at $128.03 on Thursday. The business’s 50-day moving average price is $120.04 and its 200-day moving average price is $91.40. Turning Point Therapeutics has a twelve month low of $31.30 and a twelve month high of $134.92. The stock has a market cap of $6.17 billion, a PE ratio of -34.42 and a beta of 1.30.

Turning Point Therapeutics (NASDAQ:TPTX) last released its quarterly earnings data on Thursday, November 12th. The company reported ($0.42) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.79) by $0.37. The business had revenue of $25.00 million for the quarter, compared to analysts’ expectations of $25.00 million.

In related news, EVP Mohammad Hirmand sold 1,253 shares of the stock in a transaction on Tuesday, January 5th. The stock was sold at an average price of $120.00, for a total value of $150,360.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Brian Lee Baker sold 31,238 shares of the firm’s stock in a transaction dated Thursday, January 7th. The shares were sold at an average price of $122.26, for a total value of $3,819,157.88. The disclosure for this sale can be found here. Corporate insiders own 23.20% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its position in shares of Turning Point Therapeutics by 16.4% during the second quarter. Bank of New York Mellon Corp now owns 121,485 shares of the company’s stock worth $7,847,000 after purchasing an additional 17,109 shares in the last quarter. Bank of Montreal Can acquired a new stake in Turning Point Therapeutics during the 2nd quarter worth approximately $134,000. FMR LLC increased its stake in shares of Turning Point Therapeutics by 18.2% in the 2nd quarter. FMR LLC now owns 5,079,197 shares of the company’s stock valued at $328,066,000 after acquiring an additional 780,559 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Turning Point Therapeutics by 33.3% in the 2nd quarter. Vanguard Group Inc. now owns 2,783,183 shares of the company’s stock valued at $179,765,000 after acquiring an additional 695,062 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Turning Point Therapeutics by 411.6% during the 2nd quarter. Bank of America Corp DE now owns 55,276 shares of the company’s stock valued at $3,571,000 after purchasing an additional 44,471 shares in the last quarter. 87.33% of the stock is currently owned by institutional investors.

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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Earnings History and Estimates for Turning Point Therapeutics (NASDAQ:TPTX)

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