Piper Sandler Upgrades Alpha Tau Medical (NASDAQ:DRTS) to "Overweight"

Key Points

• Piper Sandler upgraded Alpha Tau Medical to “Overweight” from “Neutral” and raised its price target to $22 from $8, implying 53.31% upside from the prior close.
• Analyst views are mixed but lean positive: MarketBeat reports a “Moderate Buy” consensus and an average target of $18.20, with six Buy, one Hold, and one Sell rating.
• Alpha Tau reported a quarterly loss of $0.50 per share, missing the consensus estimate of a $0.14 loss by $0.36; analysts expect a loss of $1.05 per share for the current fiscal year.

Alpha Tau Medical (NASDAQ:DRTS - Get Free Report) was upgraded by stock analysts at Piper Sandler from a "neutral" rating to an "overweight" rating in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a $22.00 price target on the stock, up from their previous price target of $8.00. Piper Sandler's price objective would suggest a potential upside of 53.31% from the stock's previous close.

A number of other research firms have also recently weighed in on DRTS. HC Wainwright reissued a "buy" rating and issued a $16.00 price objective on shares of Alpha Tau Medical in a research report on Tuesday, October 20th. Zacks Research raised Alpha Tau Medical from a "strong sell" rating to a "hold" rating in a research report on Monday. Barclays boosted their price target on Alpha Tau Medical from $17.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, September 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Alpha Tau Medical in a research note on Thursday, October 15th. Finally, Benchmark reissued a "buy" rating on shares of Alpha Tau Medical in a report on Thursday, July 23rd. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.20.

Alpha Tau Medical Price Performance

Shares of DRTS stock opened at $14.35 on Wednesday. The company has a market capitalization of $1.30 billion, a PE ratio of -13.83 and a beta of 1.28. The firm has a fifty day simple moving average of $14.11 and a 200-day simple moving average of $10.82. The company has a current ratio of 11.09, a quick ratio of 7.79 and a debt-to-equity ratio of 0.15. Alpha Tau Medical has a twelve month low of $3.43 and a twelve month high of $15.79.

Alpha Tau Medical (NASDAQ:DRTS - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.36). Equities research analysts anticipate that Alpha Tau Medical will post -1.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Alpha Tau Medical news, CFO Raphi Levy sold 2,871 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $15.00, for a total transaction of $43,065.00. Following the completion of the transaction, the chief financial officer directly owned 90,180 shares of the company's stock, valued at $1,352,700. This trade represents a 3.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 39.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alpha Tau Medical

Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC acquired a new position in Alpha Tau Medical in the first quarter worth about $286,000. Principal Financial Group Inc. bought a new stake in Alpha Tau Medical in the first quarter valued at about $132,000. Finally, Everhart Financial Group Inc. bought a new stake in Alpha Tau Medical in the second quarter valued at about $126,000. Institutional investors and hedge funds own 2.65% of the company's stock.

About Alpha Tau Medical

Alpha Tau Medical Ltd. is an Israel-based medical technology company developing Alpha DaRT, an investigational radiation treatment for solid tumors. The company was founded in 2016 and is headquartered in Jerusalem. Alpha DaRT uses tiny sources containing radium-224 that are placed directly inside a tumor. As the material decays, it releases alpha-emitting atoms that travel a short distance through the tumor, aiming to destroy cancer cells while limiting exposure to nearby healthy tissue. The company is conducting clinical development of Alpha DaRT for multiple types of solid tumors, with research and clinical trials in Israel and other countries, including the United States and Japan.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.