Tarsus Pharmaceuticals, Inc. $TARS Shares Sold by Cormorant Asset Management LP

Key Points

• Cormorant Asset Management LP has reduced its stake in Tarsus Pharmaceuticals by 20%, selling 100,000 shares and now holding 400,000 shares, which accounts for 1.5% of its total holdings.
• The CEO of Tarsus Pharmaceuticals, Bobak R. Azamian, recently sold 6,000 shares for a total of $300,000, decreasing his ownership by 0.73%.
• The company reported a net loss of ($0.48) earnings per share for the quarter, missing analyst expectations, but generated revenue of $102.66 million, surpassing estimates.

Cormorant Asset Management LP lessened its stake in Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS - Free Report) by 20.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 400,000 shares of the company's stock after selling 100,000 shares during the period. Tarsus Pharmaceuticals accounts for about 1.5% of Cormorant Asset Management LP's holdings, making the stock its 19th biggest position. Cormorant Asset Management LP owned approximately 0.95% of Tarsus Pharmaceuticals worth $20,548,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank increased its position in Tarsus Pharmaceuticals by 30.1% during the 1st quarter. Amalgamated Bank now owns 1,274 shares of the company's stock worth $65,000 after purchasing an additional 295 shares during the period. Northern Trust Corp lifted its stake in Tarsus Pharmaceuticals by 12.6% in the 4th quarter. Northern Trust Corp now owns 357,616 shares of the company's stock valued at $19,801,000 after buying an additional 40,061 shares in the last quarter. GAMMA Investing LLC lifted its stake in Tarsus Pharmaceuticals by 36,430.6% in the 1st quarter. GAMMA Investing LLC now owns 13,151 shares of the company's stock valued at $676,000 after buying an additional 13,115 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Tarsus Pharmaceuticals by 21.2% in the 4th quarter. Ameriprise Financial Inc. now owns 47,685 shares of the company's stock valued at $2,640,000 after buying an additional 8,336 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Tarsus Pharmaceuticals by 4.3% in the 1st quarter. Rhumbline Advisers now owns 51,682 shares of the company's stock valued at $2,655,000 after buying an additional 2,148 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Insider Activity at Tarsus Pharmaceuticals

In other Tarsus Pharmaceuticals news, CEO Bobak R. Azamian sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $50.00, for a total value of $300,000.00. Following the sale, the chief executive officer owned 818,106 shares in the company, valued at approximately $40,905,300. This trade represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 8.97% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on TARS shares. HC Wainwright raised Tarsus Pharmaceuticals to a "buy" rating and set a $72.00 target price on the stock in a research note on Tuesday, May 27th. Oppenheimer started coverage on Tarsus Pharmaceuticals in a research note on Monday, June 2nd. They set an "outperform" rating and a $75.00 price target on the stock. Finally, Wall Street Zen lowered Tarsus Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Tarsus Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $66.67.

Tarsus Pharmaceuticals Stock Up 0.3%

Shares of Tarsus Pharmaceuticals stock traded up $0.20 during trading hours on Friday, hitting $57.63. 683,534 shares of the company's stock traded hands, compared to its average volume of 624,484. The stock has a 50 day simple moving average of $47.31 and a 200-day simple moving average of $46.25. The company has a quick ratio of 5.21, a current ratio of 5.26 and a debt-to-equity ratio of 0.22. The company has a market cap of $2.43 billion, a PE ratio of -24.73 and a beta of 0.81. Tarsus Pharmaceuticals, Inc. has a twelve month low of $28.07 and a twelve month high of $59.76.

Tarsus Pharmaceuticals (NASDAQ:TARS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.15). Tarsus Pharmaceuticals had a negative return on equity of 32.36% and a negative net margin of 31.13%.The company had revenue of $102.66 million for the quarter, compared to the consensus estimate of $95.81 million. Equities research analysts anticipate that Tarsus Pharmaceuticals, Inc. will post -3.17 earnings per share for the current fiscal year.

About Tarsus Pharmaceuticals

Tarsus Pharmaceuticals, Inc, a commercial stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutic candidates for eye care in the United States. The company's lead product candidate is XDEMVY, a novel therapeutic for the treatment of blepharitis caused by the infestation of Demodex mites, as well as to treat meibomian gland disease.