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

Zacks Investment Research lowered shares of Turning Point Therapeutics (NASDAQ:TPTX) from a hold rating to a sell rating in a research note published on Wednesday 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-na├»ve 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 equities research analysts have also recently commented on TPTX. Wedbush reduced their target price on shares of Turning Point Therapeutics from $166.00 to $125.00 and set an outperform rating for the company in a research report on Friday, October 8th. JMP Securities cut shares of Turning Point Therapeutics from an outperform rating to a market perform rating in a research report on Monday, October 11th. Stifel Nicolaus started coverage on shares of Turning Point Therapeutics in a report on Wednesday, September 29th. They issued a hold rating and a $75.00 price objective for the company. Cowen started coverage on shares of Turning Point Therapeutics in a report on Monday, December 6th. They issued an outperform rating for the company. Finally, HC Wainwright dropped their price objective on shares of Turning Point Therapeutics from $178.00 to $162.00 and set a buy rating for the company in a report on Tuesday, October 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Buy and an average target price of $128.44.

TPTX opened at $38.34 on Wednesday. The firm has a fifty day moving average price of $42.74 and a 200 day moving average price of $57.29. Turning Point Therapeutics has a 1 year low of $34.16 and a 1 year high of $141.30. The stock has a market cap of $1.90 billion, a P/E ratio of -9.06 and a beta of 0.89.

Turning Point Therapeutics (NASDAQ:TPTX) last posted its earnings results on Tuesday, November 9th. The company reported ($1.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.26) by ($0.08). The company had revenue of $0.46 million for the quarter. During the same period in the previous year, the company posted ($0.42) earnings per share. Analysts forecast that Turning Point Therapeutics will post -4.62 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Lazard Asset Management LLC purchased a new position in shares of Turning Point Therapeutics in the second quarter valued at approximately $61,000. FORA Capital LLC boosted its stake in shares of Turning Point Therapeutics by 33.2% in the second quarter. FORA Capital LLC now owns 907 shares of the company’s stock valued at $71,000 after purchasing an additional 226 shares during the period. HighMark Wealth Management LLC boosted its stake in shares of Turning Point Therapeutics by 41.4% in the third quarter. HighMark Wealth Management LLC now owns 1,114 shares of the company’s stock valued at $74,000 after purchasing an additional 326 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Turning Point Therapeutics by 51.9% in the second quarter. Nisa Investment Advisors LLC now owns 2,050 shares of the company’s stock valued at $160,000 after purchasing an additional 700 shares during the period. Finally, Virtus ETF Advisers LLC boosted its stake in shares of Turning Point Therapeutics by 21.7% in the second quarter. Virtus ETF Advisers LLC now owns 2,880 shares of the company’s stock valued at $225,000 after purchasing an additional 514 shares during the period. 90.00% of the stock is owned by institutional investors and hedge funds.

About Turning Point Therapeutics

Turning Point Therapeutics, Inc is a clinical-stage oncology biopharmaceutical company, which engages in designing and developing next-generation therapies that target genetic drivers of cancer to improve the lives of patients. Its product pipeline include Repotrectinib, TPX-0022, TPX-0046, and TPS-O131, a next-gen ALK inhibitor.

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