Assenagon Asset Management S.A. Sells 507,667 Shares of Protara Therapeutics, Inc. $TARA

Key Points

• Assenagon Asset Management cut its Protara Therapeutics stake by 89.4% in the second quarter, selling 507,667 shares and retaining 59,954 shares worth approximately $229,000.
• Institutional ownership stands at 38.13%, with Geode Capital Management more than doubling its position while several other funds initiated or increased stakes.
• Protara shares opened at $3.97, near the lower end of their 12-month range, after the company reported a quarterly loss of $0.36 per share versus the $0.33 consensus estimate. Analysts maintain a “Moderate Buy” consensus with a $26.25 target price.

Assenagon Asset Management S.A. trimmed its position in shares of Protara Therapeutics, Inc. (NASDAQ:TARA - Free Report) by 89.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,954 shares of the company's stock after selling 507,667 shares during the period. Assenagon Asset Management S.A. owned about 0.11% of Protara Therapeutics worth $229,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of Protara Therapeutics by 114.7% during the second quarter. Geode Capital Management LLC now owns 744,519 shares of the company's stock worth $2,256,000 after acquiring an additional 397,822 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in shares of Protara Therapeutics in the 2nd quarter worth approximately $46,000. American Century Companies Inc. boosted its stake in shares of Protara Therapeutics by 69.8% in the 2nd quarter. American Century Companies Inc. now owns 61,554 shares of the company's stock valued at $187,000 after purchasing an additional 25,305 shares in the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Protara Therapeutics in the 2nd quarter valued at $102,000. Finally, Invesco Ltd. bought a new position in shares of Protara Therapeutics during the 2nd quarter valued at $73,000. Institutional investors own 38.13% of the company's stock.

Protara Therapeutics Stock Performance

Shares of Protara Therapeutics stock opened at $3.97 on Monday. Protara Therapeutics, Inc. has a 12-month low of $2.97 and a 12-month high of $7.82. The company has a market cap of $234.63 million, a P/E ratio of -2.94 and a beta of 1.50. The company's fifty day simple moving average is $4.02 and its two-hundred day simple moving average is $5.01.

Protara Therapeutics (NASDAQ:TARA - Get Free Report) 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). Analysts predict that Protara Therapeutics, Inc. will post -1.48 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on TARA shares. HC Wainwright restated a "buy" rating on shares of Protara Therapeutics in a research report on Wednesday, May 20th. Oppenheimer lifted their price objective on Protara Therapeutics from $25.00 to $28.00 and gave the stock an "outperform" rating in a report on Wednesday, May 20th. Weiss Ratings reissued a "sell (d-)" rating on shares of Protara Therapeutics in a research note on Friday, July 17th. UBS Group restated a "buy" rating on shares of Protara Therapeutics in a report on Wednesday, May 20th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Protara Therapeutics in a research report on Wednesday, May 20th. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.25.

Protara Therapeutics Company Profile

Protara Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing novel immunotherapies for virus-driven cancers. The company's primary areas of research include human papillomavirus (HPV)–associated malignancies, where it seeks to harness and enhance the body's immune response to target tumor cells. Protara's therapeutic strategy combines antigen-specific vaccination approaches with modulators of T-cell activation to improve clinical outcomes in patients with HPV-mediated disease.

Protara's lead immunotherapy candidate is PTX-35, an investigational monoclonal antibody designed to agonize OX40, a co-stimulatory receptor on T cells.

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