Turning Point Therapeutics (NASDAQ:TPTX) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Turning Point Therapeutics (NASDAQ:TPTX) from a hold rating to a sell rating in a research note released on Friday morning, 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. “

A number of other research analysts also recently commented on TPTX. Wells Fargo & Co started coverage on Turning Point Therapeutics in a research note on Monday, May 13th. They set an outperform rating and a $53.00 price objective for the company. Guggenheim started coverage on Turning Point Therapeutics in a research note on Wednesday, July 24th. They set a buy rating and a $58.00 price objective for the company. Svb Leerink started coverage on Turning Point Therapeutics in a research note on Monday, May 13th. They set an outperform rating and a $42.00 price objective for the company. Goldman Sachs Group started coverage on Turning Point Therapeutics in a research note on Monday, May 13th. They set a buy rating and a $50.00 price objective for the company. Finally, Royal Bank of Canada started coverage on Turning Point Therapeutics in a research note on Monday, May 13th. They set an outperform rating and a $48.00 price objective for the company. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $48.71.

TPTX stock opened at $42.42 on Friday. The firm’s 50 day moving average price is $41.44. The company has a current ratio of 32.35, a quick ratio of 32.35 and a debt-to-equity ratio of 0.01. Turning Point Therapeutics has a 12-month low of $24.21 and a 12-month high of $47.72.

Turning Point Therapeutics (NASDAQ:TPTX) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.70) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.65) by ($0.05). Sell-side analysts expect that Turning Point Therapeutics will post -2.88 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. HighTower Advisors LLC bought a new position in Turning Point Therapeutics during the 2nd quarter worth $238,000. Citadel Advisors LLC bought a new position in shares of Turning Point Therapeutics in the second quarter worth $1,854,000. Point72 Asset Management L.P. bought a new position in shares of Turning Point Therapeutics in the second quarter worth $1,906,000. Marshall Wace North America L.P. bought a new position in shares of Turning Point Therapeutics in the second quarter worth $1,259,000. Finally, Cormorant Asset Management LP bought a new position in shares of Turning Point Therapeutics in the second quarter worth $127,080,000. Hedge funds and other institutional investors own 0.03% of the company’s stock.

Turning Point Therapeutics Company Profile

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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