Clearbridge Investments LLC Cuts Stake in Tarsus Pharmaceuticals, Inc. $TARS

Key Points

• Clearbridge Investments LLC cut its Tarsus Pharmaceuticals stake by 10.7% in the fourth quarter, selling 60,889 shares and leaving it with 506,089 shares worth about $41.4 million.
• Tarsus shares rose 3.2% and the company reported better-than-expected quarterly results, posting EPS of -$0.16 versus the -$0.40 estimate on revenue of $162.05 million, above forecasts.
• Analyst sentiment remains broadly positive, with recent upgrades and a consensus “Moderate Buy” rating and average price target of $90.67, while insiders also sold shares during the quarter.

Clearbridge Investments LLC lowered its stake in shares of Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS - Free Report) by 10.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 506,089 shares of the company's stock after selling 60,889 shares during the period. Clearbridge Investments LLC owned about 1.19% of Tarsus Pharmaceuticals worth $41,439,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Comerica Bank increased its stake in shares of Tarsus Pharmaceuticals by 470.0% during the fourth quarter. Comerica Bank now owns 855 shares of the company's stock worth $70,000 after purchasing an additional 705 shares in the last quarter. Osaic Holdings Inc. increased its stake in shares of Tarsus Pharmaceuticals by 779.1% during the second quarter. Osaic Holdings Inc. now owns 2,778 shares of the company's stock worth $113,000 after purchasing an additional 2,462 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Tarsus Pharmaceuticals during the fourth quarter worth about $164,000. Tower Research Capital LLC TRC increased its stake in shares of Tarsus Pharmaceuticals by 220.3% during the second quarter. Tower Research Capital LLC TRC now owns 4,045 shares of the company's stock worth $164,000 after purchasing an additional 2,782 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Tarsus Pharmaceuticals by 26.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,063 shares of the company's stock worth $169,000 after purchasing an additional 431 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Tarsus Pharmaceuticals Stock Up 3.2%

Shares of NASDAQ TARS opened at $61.55 on Wednesday. Tarsus Pharmaceuticals, Inc. has a 12-month low of $38.51 and a 12-month high of $85.25. The stock has a market cap of $2.65 billion, a PE ratio of -53.99 and a beta of 0.49. The company has a current ratio of 3.74, a quick ratio of 3.71 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average of $64.40 and a 200 day moving average of $70.30.

Tarsus Pharmaceuticals (NASDAQ:TARS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.24. Tarsus Pharmaceuticals had a negative net margin of 9.02% and a negative return on equity of 14.19%. The company had revenue of $162.05 million during the quarter, compared to analysts' expectations of $149.60 million. As a group, sell-side analysts predict that Tarsus Pharmaceuticals, Inc. will post -0.59 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on TARS. Guggenheim boosted their target price on shares of Tarsus Pharmaceuticals from $87.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, February 25th. Wall Street Zen raised shares of Tarsus Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday. Lifesci Capital raised shares of Tarsus Pharmaceuticals to a "strong-buy" rating in a research note on Monday, March 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tarsus Pharmaceuticals in a research note on Tuesday, April 21st. Finally, Oppenheimer began coverage on shares of Tarsus Pharmaceuticals in a research note on Friday, April 24th. They set an "outperform" rating and a $98.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Tarsus Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $90.67.

Insider Activity

In other Tarsus Pharmaceuticals news, CEO Bobak R. Azamian sold 11,964 shares of the business's stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $67.00, for a total value of $801,588.00. Following the transaction, the chief executive officer directly owned 33,421 shares in the company, valued at $2,239,207. The trade was a 26.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Dianne C. Whitfield sold 4,174 shares of the business's stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $67.00, for a total transaction of $279,658.00. Following the completion of the transaction, the insider owned 35,028 shares in the company, valued at $2,346,876. The trade was a 10.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 79,391 shares of company stock valued at $5,432,035. Company insiders own 9.64% of the company's stock.

Tarsus Pharmaceuticals Profile

Tarsus Pharmaceuticals, Inc is a clinical‐stage biopharmaceutical company focused on developing novel therapies for diseases of the eye and ocular surface. The company's research platform centers on neuro‐effector modulation to address underlying disease mechanisms rather than solely treating symptoms. Tarsus's lead candidate, OC-01 (varenicline solution), is an intranasal formulation in Phase 3 development for the treatment of dry eye disease, a condition affecting millions worldwide and associated with significant patient discomfort and reduced quality of life.

In addition to its dry eye program, Tarsus is advancing preclinical and early‐stage programs targeting other ophthalmic indications, including allergic conjunctivitis and retinal disorders.

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