Turning Point Therapeutics, Inc. (NASDAQ:TPTX) Short Interest Update

Turning Point Therapeutics, Inc. (NASDAQ:TPTX – Get Rating) was the recipient of a significant decline in short interest in the month of June. As of June 15th, there was short interest totalling 3,020,000 shares, a decline of 26.2% from the May 31st total of 4,090,000 shares. Based on an average daily volume of 1,680,000 shares, the days-to-cover ratio is currently 1.8 days. Currently, 7.1% of the shares of the company are sold short.

Shares of Turning Point Therapeutics stock opened at $75.11 on Tuesday. The company’s 50-day moving average price is $50.95 and its two-hundred day moving average price is $40.27. Turning Point Therapeutics has a 52 week low of $23.77 and a 52 week high of $82.20.

Turning Point Therapeutics (NASDAQ:TPTX – Get Rating) last issued its quarterly earnings results on Tuesday, May 10th. The company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.45) by ($0.05). The business had revenue of $0.40 million for the quarter. During the same period in the previous year, the firm earned ($0.73) EPS. The company’s revenue for the quarter was down 98.4% compared to the same quarter last year. As a group, analysts predict that Turning Point Therapeutics will post -6.85 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the business. Wellington Management Group LLP raised its position in Turning Point Therapeutics by 0.5% in the first quarter. Wellington Management Group LLP now owns 4,030,991 shares of the company’s stock worth $108,231,000 after acquiring an additional 21,337 shares in the last quarter. Vanguard Group Inc. raised its holdings in Turning Point Therapeutics by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 3,913,128 shares of the company’s stock worth $105,067,000 after buying an additional 35,789 shares during the period. State Street Corp raised its holdings in Turning Point Therapeutics by 37.2% during the 1st quarter. State Street Corp now owns 3,119,926 shares of the company’s stock worth $83,770,000 after buying an additional 845,408 shares during the period. Federated Hermes Inc. raised its holdings in Turning Point Therapeutics by 19.7% during the 1st quarter. Federated Hermes Inc. now owns 2,075,037 shares of the company’s stock worth $55,715,000 after buying an additional 341,455 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Turning Point Therapeutics by 60.4% during the 4th quarter. Alliancebernstein L.P. now owns 2,009,191 shares of the company’s stock worth $95,838,000 after buying an additional 756,418 shares during the period. Hedge funds and other institutional investors own 90.33% of the company’s stock.

A number of research firms have commented on TPTX. Wedbush downgraded shares of Turning Point Therapeutics from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $61.00 to $76.00 in a report on Friday, June 3rd. Bank of America assumed coverage on shares of Turning Point Therapeutics in a report on Friday, May 20th. They set a “buy” rating and a $58.00 price target for the company. Guggenheim set a $76.00 price target on shares of Turning Point Therapeutics in a report on Monday, June 20th. SVB Leerink downgraded shares of Turning Point Therapeutics from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $101.00 to $76.00 in a report on Monday, June 13th. Finally, Wells Fargo & Company cut shares of Turning Point Therapeutics from an “overweight” rating to an “equal weight” rating and set a $76.00 price objective on the stock. in a research note on Friday, June 3rd. Nine investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $78.22.

Turning Point Therapeutics Company Profile (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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