Protara Therapeutics (NASDAQ:TARA) Stock Price Down 5.3% – Here’s Why

Protara Therapeutics, Inc. (NASDAQ:TARA)’s share price dropped 5.3% on Wednesday. The stock traded as low as $2.47 and last traded at $2.48. 701,413 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 1,806,964 shares. The stock had previously closed at $2.62.

Analysts Set New Price Targets

A number of analysts have issued reports on TARA shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Protara Therapeutics in a research report on Friday, July 17th. Wall Street Zen upgraded shares of Protara Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 5th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.25.

Protara Therapeutics Stock Performance

The stock’s 50-day simple moving average is $3.56 and its 200 day simple moving average is $4.20. The company has a market capitalization of $146.57 million, a PE ratio of -1.84 and a beta of 1.47.

Protara Therapeutics (NASDAQ:TARA) last posted its earnings results on Tuesday, August 11th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.03). On average, analysts expect that Protara Therapeutics, Inc. will post -1.40 earnings per share for the current year.

Institutional Investors Weigh In On Protara Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in TARA. WINTON GROUP Ltd grew its position in shares of Protara Therapeutics by 16.7% in the 2nd quarter. WINTON GROUP Ltd now owns 32,800 shares of the company’s stock valued at $125,000 after buying an additional 4,700 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Protara Therapeutics in the second quarter valued at about $69,000. Corient Private Wealth LP purchased a new stake in shares of Protara Therapeutics in the second quarter valued at about $41,000. Velan Capital Investment Management LP boosted its stake in shares of Protara Therapeutics by 0.4% during the second quarter. Velan Capital Investment Management LP now owns 2,844,652 shares of the company’s stock worth $10,867,000 after buying an additional 10,000 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Protara Therapeutics during the second quarter worth about $113,000. Institutional investors and hedge funds own 38.13% of the company’s stock.

Protara Therapeutics Company Profile

Protara Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for cancer and rare diseases. The company’s work centers on investigational treatments intended to address conditions with significant unmet medical needs.

Protara’s lead product candidate is TARA-002, an investigational cell-based therapy derived from OK-432, a preparation based on a strain of Streptococcus pyogenes. The company is developing TARA-002 for non-muscle-invasive bladder cancer, a form of bladder cancer that has not invaded the bladder muscle, and for lymphatic malformations, rare abnormalities of the lymphatic system.

Protara conducts its research and clinical development activities primarily in the United States.