Turning Point Therapeutics (NASDAQ:TPTX) Upgraded by Zacks Investment Research to “Hold”

Turning Point Therapeutics (NASDAQ:TPTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Saturday, 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. “

Several other equities research analysts have also commented on the stock. Canaccord Genuity began coverage on shares of Turning Point Therapeutics in a research note on Monday, May 13th. They issued a “buy” rating and a $48.00 price target on the stock. Guggenheim began coverage on shares of Turning Point Therapeutics in a research note on Wednesday, July 24th. They issued a “buy” rating and a $58.00 price target on the stock. Leerink Swann began coverage on shares of Turning Point Therapeutics in a research note on Monday, May 13th. They issued an “outperform” rating and a $42.00 price target on the stock. Wells Fargo & Co began coverage on shares of Turning Point Therapeutics in a research note on Monday, May 13th. They issued an “outperform” rating and a $53.00 price target on the stock. Finally, Svb Leerink began coverage on shares of Turning Point Therapeutics in a research note on Monday, May 13th. They issued an “outperform” rating and a $42.00 price target on the stock. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $48.71.

TPTX traded up $0.39 on Friday, hitting $52.19. 112,232 shares of the company’s stock were exchanged, compared to its average volume of 107,202. Turning Point Therapeutics has a twelve month low of $24.21 and a twelve month high of $54.48. The company’s fifty day simple moving average is $42.14. The company has a quick ratio of 32.35, a current ratio of 32.35 and a debt-to-equity ratio of 0.01.

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

Large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC acquired a new position in shares of Turning Point Therapeutics during the second quarter valued at approximately $25,000. Wells Fargo & Company MN acquired a new position in shares of Turning Point Therapeutics during the second quarter valued at approximately $72,000. JPMorgan Chase & Co. acquired a new position in shares of Turning Point Therapeutics during the second quarter valued at approximately $71,000. Cubist Systematic Strategies LLC acquired a new position in shares of Turning Point Therapeutics during the second quarter valued at approximately $90,000. Finally, Alpine Woods Capital Investors LLC acquired a new position in shares of Turning Point Therapeutics during the second quarter valued at approximately $204,000. Institutional investors own 20.15% 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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