Cormorant Asset Management LP Sells 100,000 Shares of Tarsus Pharmaceuticals, Inc. $TARS

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 cut its position in Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS - Free Report) by 20.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 400,000 shares of the company's stock after selling 100,000 shares during the quarter. Tarsus Pharmaceuticals comprises 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 at the end of the most recent quarter.

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

Insider Buying and Selling

In related news, CEO Bobak R. Azamian sold 6,000 shares of the business'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 transaction of $300,000.00. Following the transaction, the chief executive officer directly owned 818,106 shares of the company's stock, valued at approximately $40,905,300. The trade was a 0.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 8.97% of the company's stock.

Wall Street Analyst Weigh In

TARS has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Tarsus Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Oppenheimer started coverage on shares of Tarsus Pharmaceuticals in a research report on Monday, June 2nd. They set an "outperform" rating and a $75.00 price target on the stock. HC Wainwright upgraded shares of Tarsus Pharmaceuticals to a "buy" rating and set a $72.00 target price on the stock in a report on Tuesday, May 27th. Finally, Zacks Research upgraded shares of Tarsus Pharmaceuticals from a "strong sell" rating to a "hold" rating in a report on Friday. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.67.

Tarsus Pharmaceuticals Trading Down 1.2%

Shares of TARS stock traded down $0.66 during trading hours on Tuesday, reaching $56.23. 185,781 shares of the stock traded hands, compared to its average volume of 657,103. Tarsus Pharmaceuticals, Inc. has a 1-year low of $30.23 and a 1-year high of $59.76. The business has a fifty day moving average price of $47.64 and a 200 day moving average price of $46.29. 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 firm has a market capitalization of $2.37 billion, a PE ratio of -24.14 and a beta of 0.81.

Tarsus Pharmaceuticals (NASDAQ:TARS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.48) EPS for the quarter, missing analysts' consensus estimates of ($0.33) by ($0.15). Tarsus Pharmaceuticals had a negative net margin of 31.13% and a negative return on equity of 32.36%. The company had revenue of $102.66 million for the quarter, compared to analysts' expectations of $95.81 million. On average, equities research analysts forecast that Tarsus Pharmaceuticals, Inc. will post -3.17 EPS for the current year.

Tarsus Pharmaceuticals Profile

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.