Turning Point Therapeutics (NASDAQ:TPTX) Shares Up 5.2%

Turning Point Therapeutics (NASDAQ:TPTX) shares shot up 5.2% on Thursday . The stock traded as high as $38.31 and last traded at $38.25, 254,300 shares traded hands during mid-day trading. An increase of 14% from the average session volume of 223,838 shares. The stock had previously closed at $36.36.

Several research firms have recently weighed in on TPTX. HC Wainwright began coverage on shares of Turning Point Therapeutics in a report on Wednesday, September 25th. They issued a “buy” rating and a $70.00 target price on the stock. Canaccord Genuity upped their target price on shares of Turning Point Therapeutics from $53.00 to $56.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Zacks Investment Research raised shares of Turning Point Therapeutics from a “sell” rating to a “hold” rating in a report on Friday. Wells Fargo & Co upped their target price on shares of Turning Point Therapeutics from $53.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Finally, Wedbush began coverage on shares of Turning Point Therapeutics in a report on Monday, September 9th. They issued an “outperform” rating and a $63.00 target price on the stock. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $54.56.

The business has a 50-day moving average price of $44.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 32.35 and a current ratio of 32.35.

Turning Point Therapeutics (NASDAQ:TPTX) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.65) by ($0.05). Equities research analysts expect that Turning Point Therapeutics will post -2.93 earnings per share for the current year.

In related news, CFO Yi Larson purchased 2,222 shares of Turning Point Therapeutics stock in a transaction that occurred on Tuesday, September 10th. The shares were acquired at an average price of $45.00 per share, for a total transaction of $99,990.00. Also, CEO Athena Countouriotis purchased 10,000 shares of Turning Point Therapeutics stock in a transaction that occurred on Tuesday, September 10th. The shares were bought at an average price of $45.00 per share, for a total transaction of $450,000.00. In the last quarter, insiders have purchased 189,999 shares of company stock worth $8,549,955.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Artal Group S.A. acquired a new position in Turning Point Therapeutics during the 2nd quarter valued at about $8,140,000. Athanor Capital LP acquired a new position in Turning Point Therapeutics during the 2nd quarter valued at about $537,000. Point72 Asset Management L.P. acquired a new position in Turning Point Therapeutics during the 2nd quarter valued at about $1,906,000. Charles Schwab Investment Management Inc. acquired a new position in Turning Point Therapeutics during the 2nd quarter valued at about $2,072,000. Finally, Nicholas Investment Partners LP acquired a new position in Turning Point Therapeutics during the 2nd quarter valued at about $4,350,000. Institutional investors and hedge funds own 58.17% of the company’s stock.

About Turning Point Therapeutics (NASDAQ:TPTX)

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.

Read More: Cost of Goods Sold (COGS)

Receive News & Ratings for Turning Point Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Turning Point Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.