Turning Point Therapeutics (NASDAQ:TPTX) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Turning Point Therapeutics (NASDAQ:TPTX) from a hold rating to a sell rating in a research report released 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. “

Several other brokerages have also recently weighed in on TPTX. Wedbush dropped their price objective on Turning Point Therapeutics from $166.00 to $125.00 and set an outperform rating for the company in a report on Friday, October 8th. Stifel Nicolaus began coverage on shares of Turning Point Therapeutics in a research note on Wednesday, September 29th. They set a hold rating and a $75.00 price target for the company. HC Wainwright reduced their price objective on shares of Turning Point Therapeutics from $178.00 to $162.00 and set a buy rating on the stock in a research note on Tuesday. SVB Leerink reaffirmed a buy rating on shares of Turning Point Therapeutics in a report on Sunday. Finally, JMP Securities downgraded Turning Point Therapeutics from an outperform rating to a market perform rating in a research note on Monday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Turning Point Therapeutics presently has a consensus rating of Buy and a consensus price target of $137.10.

TPTX opened at $47.03 on Wednesday. The stock has a market capitalization of $2.32 billion, a P/E ratio of -14.21 and a beta of 1.00. The company’s 50 day simple moving average is $69.65 and its 200-day simple moving average is $71.96. Turning Point Therapeutics has a one year low of $42.51 and a one year high of $141.30.

Turning Point Therapeutics (NASDAQ:TPTX) last announced its quarterly earnings data on Monday, August 9th. The company reported ($1.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.20) by $0.06. The firm had revenue of $5.16 million during the quarter. During the same quarter last year, the firm earned ($0.82) EPS. As a group, sell-side analysts anticipate that Turning Point Therapeutics will post -4.51 EPS for the current fiscal year.

In related news, EVP Annette North sold 10,000 shares of the firm’s stock in a transaction on Monday, August 30th. The stock was sold at an average price of $80.00, for a total transaction of $800,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 7.30% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Parametric Portfolio Associates LLC increased its position in shares of Turning Point Therapeutics by 30.2% during the second quarter. Parametric Portfolio Associates LLC now owns 20,755 shares of the company’s stock worth $1,619,000 after acquiring an additional 4,814 shares in the last quarter. Morgan Stanley increased its holdings in Turning Point Therapeutics by 672.7% during the 2nd quarter. Morgan Stanley now owns 53,882 shares of the company’s stock worth $4,204,000 after purchasing an additional 46,909 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Turning Point Therapeutics by 1.3% in the 2nd quarter. Wells Fargo & Company MN now owns 647,184 shares of the company’s stock valued at $50,494,000 after purchasing an additional 8,047 shares during the period. Weiss Multi Strategy Advisers LLC raised its stake in shares of Turning Point Therapeutics by 3.7% in the 2nd quarter. Weiss Multi Strategy Advisers LLC now owns 6,340 shares of the company’s stock valued at $495,000 after purchasing an additional 226 shares during the period. Finally, Woodline Partners LP lifted its holdings in shares of Turning Point Therapeutics by 1.7% in the second quarter. Woodline Partners LP now owns 47,000 shares of the company’s stock valued at $3,667,000 after purchasing an additional 800 shares in the last quarter. 92.32% of the stock is currently owned by hedge funds and other institutional investors.

Turning Point Therapeutics Company Profile

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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