Bank of America Corp DE Acquires New Stake in Tarsus Pharmaceuticals, Inc. $TARS

Key Points

• Bank of America acquired 1.19 million Tarsus Pharmaceuticals shares worth approximately $75.1 million in the second quarter, giving it a 2.72% stake. Institutional investors and hedge funds collectively own 90.01% of Tarsus.
• Tarsus shares opened at $78.09, down 1.2%, after the company reported a quarterly EPS loss of $0.43, missing estimates by $0.24, despite revenue of $173.91 million exceeding forecasts.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $94 target price; targets range from $88 to $105. Company insiders sold 48,031 shares worth about $4 million over the past 90 days.

Bank of America Corp DE acquired a new stake in Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,193,182 shares of the company's stock, valued at approximately $75,099,000. Bank of America Corp DE owned 2.72% of Tarsus Pharmaceuticals as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Freestone Grove Partners LP purchased a new position in Tarsus Pharmaceuticals in the 2nd quarter valued at approximately $4,304,000. Odyssean LLC boosted its stake in shares of Tarsus Pharmaceuticals by 201.3% during the 2nd quarter. Odyssean LLC now owns 41,394 shares of the company's stock worth $2,605,000 after purchasing an additional 27,657 shares during the last quarter. Jupiter Topco LLC purchased a new stake in shares of Tarsus Pharmaceuticals during the second quarter worth about $176,834,000. J. Goldman & Co LP purchased a new stake in shares of Tarsus Pharmaceuticals during the second quarter worth about $1,687,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Tarsus Pharmaceuticals in the second quarter valued at approximately $2,429,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tarsus Pharmaceuticals

In related news, insider Elizabeth Lin sold 10,773 shares of the firm's stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $87.50, for a total value of $942,637.50. Following the sale, the insider owned 2,547 shares of the company's stock, valued at approximately $222,862.50. This trade represents a 80.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobak Azamian sold 10,000 shares of the stock in a transaction on Friday, September 4th. The stock was sold at an average price of $90.56, for a total value of $905,600.00. Following the completion of the sale, the chief executive officer directly owned 827,991 shares in the company, valued at $74,982,864.96. This represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 48,031 shares of company stock worth $4,004,227 over the last ninety days. Company insiders own 9.64% of the company's stock.

Tarsus Pharmaceuticals Trading Down 1.2%

NASDAQ TARS opened at $78.09 on Friday. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of -71.64 and a beta of 0.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.20 and a quick ratio of 3.17. Tarsus Pharmaceuticals, Inc. has a 12 month low of $53.85 and a 12 month high of $91.53. The company's fifty day moving average price is $69.42 and its two-hundred day moving average price is $66.81.

Tarsus Pharmaceuticals (NASDAQ:TARS - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.43) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.24). Tarsus Pharmaceuticals had a negative return on equity of 13.53% and a negative net margin of 7.67%.The firm had revenue of $173.91 million for the quarter, compared to the consensus estimate of $169.65 million. As a group, research analysts predict that Tarsus Pharmaceuticals, Inc. will post -2.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TARS shares. Wall Street Zen lowered shares of Tarsus Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. HC Wainwright reissued a "buy" rating and set a $88.00 price objective on shares of Tarsus Pharmaceuticals in a research note on Thursday, July 9th. Jefferies Financial Group lifted their target price on Tarsus Pharmaceuticals from $88.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, September 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Tarsus Pharmaceuticals in a report on Friday, July 17th. Finally, Guggenheim reduced their price objective on Tarsus Pharmaceuticals from $90.00 to $89.00 and set a "buy" rating on the stock in a research note on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Tarsus Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $94.00.

Tarsus Pharmaceuticals Profile

Tarsus Pharmaceuticals, Inc is a commercial-stage ophthalmic pharmaceutical company focused on developing and marketing treatments for eye conditions with significant unmet medical needs. The company's lead product is XDEMVY (lotilaner ophthalmic solution) 0.25%, a prescription eye drop approved by the U.S. Food and Drug Administration in 2023 for the treatment of Demodex blepharitis, a common eyelid disorder associated with an infestation of Demodex mites.

XDEMVY is designed to target and eliminate Demodex mites, addressing an underlying cause of the disease rather than only managing its symptoms.

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