Wedbush Trims Turning Point Therapeutics (NASDAQ:TPTX) Target Price to $61.00

Turning Point Therapeutics (NASDAQ:TPTXGet Rating) had its target price trimmed by Wedbush from $93.00 to $61.00 in a research report report published on Wednesday, The Fly reports. Wedbush also issued estimates for Turning Point Therapeutics’ Q2 2022 earnings at ($1.79) EPS, Q3 2022 earnings at ($2.05) EPS, Q4 2022 earnings at ($2.35) EPS, FY2022 earnings at ($7.69) EPS, Q1 2023 earnings at ($2.27) EPS, Q2 2023 earnings at ($2.36) EPS, Q3 2023 earnings at ($2.37) EPS, Q4 2023 earnings at ($2.44) EPS, FY2023 earnings at ($9.44) EPS, FY2024 earnings at ($7.05) EPS and FY2025 earnings at ($5.80) EPS.

Several other research firms have also commented on TPTX. Wells Fargo & Company lowered their price objective on shares of Turning Point Therapeutics from $120.00 to $85.00 and set an overweight rating for the company in a research report on Thursday, February 10th. SVB Leerink reissued an outperform rating on shares of Turning Point Therapeutics in a research note on Tuesday, February 8th. Oppenheimer reduced their target price on shares of Turning Point Therapeutics from $115.00 to $105.00 and set an outperform rating on the stock in a research note on Friday, January 21st. Stifel Nicolaus reduced their target price on shares of Turning Point Therapeutics from $50.00 to $45.00 and set a hold rating on the stock in a research note on Tuesday, March 1st. Finally, Zacks Investment Research downgraded shares of Turning Point Therapeutics from a hold rating to a sell rating in a research note on Wednesday, May 4th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Buy and an average price target of $86.86.

Shares of NASDAQ:TPTX opened at $32.60 on Wednesday. The firm has a fifty day moving average price of $28.96 and a 200 day moving average price of $35.84. Turning Point Therapeutics has a fifty-two week low of $23.77 and a fifty-two week high of $83.06.

Turning Point Therapeutics (NASDAQ:TPTXGet Rating) last issued its earnings results on Tuesday, May 10th. The company reported ($1.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.51) by $0.01. The company had revenue of $0.40 million for the quarter. During the same period last year, the company posted ($0.73) EPS. The business’s revenue was down 98.4% compared to the same quarter last year. Research analysts anticipate that Turning Point Therapeutics will post -6.82 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new position in Turning Point Therapeutics during the 1st quarter valued at about $502,000. Charles Schwab Investment Management Inc. increased its position in Turning Point Therapeutics by 1.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 351,194 shares of the company’s stock valued at $9,430,000 after purchasing an additional 6,399 shares during the period. Federated Hermes Inc. increased its position 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 valued at $55,715,000 after purchasing an additional 341,455 shares during the period. Ergoteles LLC increased its position in Turning Point Therapeutics by 146.4% during the 1st quarter. Ergoteles LLC now owns 37,374 shares of the company’s stock valued at $1,003,000 after purchasing an additional 22,206 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Turning Point Therapeutics by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 3,913,128 shares of the company’s stock valued at $105,067,000 after buying an additional 35,789 shares in the last quarter. 90.33% of the stock is currently owned by institutional investors and hedge funds.

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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