Alpha Tau Medical (NASDAQ:DRTS) Sets New 1-Year High – Here’s Why

Alpha Tau Medical Ltd. (NASDAQ:DRTS) hit a new 52-week high during trading on Wednesday . The company traded as high as $5.98 and last traded at $5.93, with a volume of 231039 shares trading hands. The stock had previously closed at $5.84.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on DRTS shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alpha Tau Medical in a research note on Wednesday, October 8th. Citigroup reduced their target price on shares of Alpha Tau Medical from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, December 10th. HC Wainwright restated a “buy” rating on shares of Alpha Tau Medical in a research note on Wednesday, December 10th. Finally, Wall Street Zen upgraded shares of Alpha Tau Medical to a “sell” rating in a report on Saturday, November 1st. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $8.00.

Alpha Tau Medical Price Performance

The company has a market cap of $500.44 million, a price-to-earnings ratio of -11.35 and a beta of 1.04. The firm has a fifty day simple moving average of $4.35 and a 200 day simple moving average of $3.82.

Alpha Tau Medical (NASDAQ:DRTS) last posted its quarterly earnings data on Thursday, November 20th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Analysts expect that Alpha Tau Medical Ltd. will post -0.45 earnings per share for the current year.

Hedge Funds Weigh In On Alpha Tau Medical

Several large investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. bought a new stake in shares of Alpha Tau Medical in the third quarter valued at approximately $62,000. Levin Capital Strategies L.P. raised its position in shares of Alpha Tau Medical by 6.3% during the third quarter. Levin Capital Strategies L.P. now owns 204,714 shares of the company’s stock valued at $923,000 after buying an additional 12,200 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Alpha Tau Medical by 2,779.1% in the third quarter. Bank of America Corp DE now owns 22,457 shares of the company’s stock valued at $101,000 after buying an additional 21,677 shares during the period. Millennium Management LLC bought a new stake in shares of Alpha Tau Medical in the third quarter valued at about $170,000. Finally, Mariner LLC grew its position in Alpha Tau Medical by 185.8% during the third quarter. Mariner LLC now owns 123,250 shares of the company’s stock worth $556,000 after buying an additional 80,129 shares in the last quarter. Institutional investors and hedge funds own 2.65% of the company’s stock.

About Alpha Tau Medical

Alpha Tau Medical Ltd. is a medical technology company headquartered in Ness Ziona, Israel, focused on developing targeted alpha-radiation therapies for the treatment of solid tumors. The company’s core innovation, known as Diffusing Alpha-emitters Radiation Therapy (DaRT), employs short-lived radioactive isotopes to deliver high-energy alpha particles directly within or adjacent to tumor tissues. By harnessing the potent cytotoxic effects of alpha radiation, Alpha Tau Medical aims to offer a novel approach to brachytherapy that can potentially overcome radioresistance and spare surrounding healthy tissue.

The company’s lead product, Alpha DaRT, is currently being evaluated in clinical studies for a range of indications including recurrent or metastatic head and neck cancers, skin cancers, and other solid tumors.