Turning Point Therapeutics (NASDAQ:TPTX) Stock Rating Upgraded by Zacks Investment Research

Turning Point Therapeutics (NASDAQ:TPTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday, 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. “

Several other analysts have also issued reports on TPTX. SVB Leerink lifted their target price on shares of Turning Point Therapeutics from $116.00 to $127.00 and gave the company an “outperform” rating in a research report on Monday, December 14th. JMP Securities boosted their price target on shares of Turning Point Therapeutics from $125.00 to $160.00 in a research report on Tuesday. Oppenheimer boosted their price target on shares of Turning Point Therapeutics from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Tuesday. Wells Fargo & Company boosted their price target on shares of Turning Point Therapeutics from $88.00 to $133.00 and gave the stock an “overweight” rating in a research report on Monday, October 26th. Finally, Canaccord Genuity boosted their target price on shares of Turning Point Therapeutics from $85.00 to $122.00 and gave the company a “buy” rating in a report on Tuesday, October 27th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $137.00.

Shares of NASDAQ TPTX opened at $128.03 on Thursday. The company’s 50-day simple moving average is $120.04 and its 200-day simple moving average is $91.40. Turning Point Therapeutics has a 52-week low of $31.30 and a 52-week high of $134.92. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of -34.42 and a beta of 1.30.

Turning Point Therapeutics (NASDAQ:TPTX) last announced its earnings results on Thursday, November 12th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.79) by $0.37. The company had revenue of $25.00 million during the quarter, compared to analyst estimates of $25.00 million. Equities analysts expect that Turning Point Therapeutics will post -3.89 EPS for the current fiscal year.

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

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its stake in Turning Point Therapeutics by 2.3% during the 3rd quarter. Principal Financial Group Inc. now owns 12,582 shares of the company’s stock worth $1,099,000 after buying an additional 279 shares during the period. HighMark Wealth Management LLC lifted its holdings in shares of Turning Point Therapeutics by 417.1% during the third quarter. HighMark Wealth Management LLC now owns 393 shares of the company’s stock worth $34,000 after purchasing an additional 317 shares during the period. California State Teachers Retirement System grew its stake in shares of Turning Point Therapeutics by 0.9% in the second quarter. California State Teachers Retirement System now owns 42,207 shares of the company’s stock worth $2,726,000 after purchasing an additional 379 shares during the last quarter. ProShare Advisors LLC increased its holdings in Turning Point Therapeutics by 5.7% in the third quarter. ProShare Advisors LLC now owns 10,984 shares of the company’s stock valued at $960,000 after purchasing an additional 592 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in Turning Point Therapeutics by 25.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,180 shares of the company’s stock worth $206,000 after purchasing an additional 640 shares during the last quarter. 87.33% of the stock is currently owned by hedge funds and other 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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