Cormorant Asset Management LP Lowers Holdings in Tarsus Pharmaceuticals, Inc. $TARS

Key Points

• Cormorant Asset Management cut its Tarsus Pharmaceuticals stake by 16.7% in the fourth quarter, selling 50,000 shares and leaving it with 250,000 shares valued at about $20.47 million.
• Insider selling was notable, with directors William J. Phd Link and Katherine Goodrich selling shares in June; insiders sold a total of 29,850 shares worth about $1.84 million in the last quarter.
• Analyst sentiment remains constructive, with Tarsus carrying a consensus “Moderate Buy” rating and an average price target of $90.67, while the stock recently traded around $62.55 after reporting stronger-than-expected quarterly revenue and EPS.

Cormorant Asset Management LP reduced its stake in shares of Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS - Free Report) by 16.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 250,000 shares of the company's stock after selling 50,000 shares during the period. Tarsus Pharmaceuticals makes up about 0.9% of Cormorant Asset Management LP's holdings, making the stock its 20th largest position. Cormorant Asset Management LP owned about 0.59% of Tarsus Pharmaceuticals worth $20,470,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in TARS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Tarsus Pharmaceuticals by 5.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,143 shares of the company's stock valued at $1,137,000 after purchasing an additional 1,217 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Tarsus Pharmaceuticals by 2.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,220 shares of the company's stock worth $3,659,000 after purchasing an additional 1,394 shares in the last quarter. Jane Street Group LLC grew its position in Tarsus Pharmaceuticals by 105.8% in the first quarter. Jane Street Group LLC now owns 10,456 shares of the company's stock valued at $537,000 after acquiring an additional 190,000 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Tarsus Pharmaceuticals by 402.7% in the second quarter. JPMorgan Chase & Co. now owns 140,610 shares of the company's stock worth $5,696,000 after purchasing an additional 112,637 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Tarsus Pharmaceuticals by 12.3% in the second quarter. Invesco Ltd. now owns 928,501 shares of the company's stock valued at $37,614,000 after acquiring an additional 101,978 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

Insider Buying and Selling at Tarsus Pharmaceuticals

In other news, Director William J. Phd Link sold 12,500 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $62.12, for a total value of $776,500.00. Following the completion of the transaction, the director directly owned 106,786 shares of the company's stock, valued at approximately $6,633,546.32. This represents a 10.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Katherine Goodrich sold 2,954 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $62.08, for a total value of $183,384.32. Following the completion of the transaction, the director directly owned 2,233 shares of the company's stock, valued at approximately $138,624.64. The trade was a 56.95% 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 29,850 shares of company stock valued at $1,837,321 in the last quarter. Corporate insiders own 9.64% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on TARS. Wall Street Zen raised shares of Tarsus Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday, June 6th. HC Wainwright restated a "buy" rating and set a $88.00 price objective on shares of Tarsus Pharmaceuticals in a research report on Monday, May 4th. Lifesci Capital upgraded shares of Tarsus Pharmaceuticals to a "strong-buy" rating in a report on Monday, March 16th. Guggenheim raised their target price on Tarsus Pharmaceuticals from $87.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, February 25th. Finally, Zacks Research cut shares of Tarsus Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $90.67.

Tarsus Pharmaceuticals Price Performance

Shares of Tarsus Pharmaceuticals stock opened at $62.55 on Thursday. Tarsus Pharmaceuticals, Inc. has a 1-year low of $38.51 and a 1-year high of $85.25. 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 stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -54.87 and a beta of 0.49. The firm has a fifty day simple moving average of $63.47 and a 200-day simple moving average of $69.54.

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

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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