Tarsus Pharmaceuticals (NASDAQ:TARS) Shares Gap Down - Here's What Happened

Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $50.30, but opened at $48.89. Tarsus Pharmaceuticals shares last traded at $48.99, with a volume of 114,190 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on TARS. HC Wainwright reiterated a "buy" rating and issued a $73.00 price target on shares of Tarsus Pharmaceuticals in a research report on Wednesday, February 26th. Guggenheim upped their target price on shares of Tarsus Pharmaceuticals from $78.00 to $84.00 and gave the stock a "buy" rating in a report on Friday. Barclays decreased their price target on Tarsus Pharmaceuticals from $62.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. Jefferies Financial Group upped their price objective on Tarsus Pharmaceuticals from $54.00 to $58.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Finally, Oppenheimer boosted their price target on Tarsus Pharmaceuticals from $65.00 to $72.00 and gave the stock an "outperform" rating in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $64.67.

Tarsus Pharmaceuticals Trading Down 5.8 %

The company has a market cap of $1.82 billion, a PE ratio of -12.43 and a beta of 0.94. The stock's 50 day moving average is $47.94 and its 200-day moving average is $48.74. The company has a quick ratio of 5.38, a current ratio of 5.42 and a debt-to-equity ratio of 0.30.

Tarsus Pharmaceuticals (NASDAQ:TARS - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.64) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.05. Tarsus Pharmaceuticals had a negative return on equity of 55.86% and a negative net margin of 103.64%. The company had revenue of $78.34 million during the quarter, compared to the consensus estimate of $72.50 million. As a group, sell-side analysts anticipate that Tarsus Pharmaceuticals, Inc. will post -3.17 EPS for the current year.

Insider Buying and Selling

In other Tarsus Pharmaceuticals news, insider Dianne C. Whitfield sold 2,137 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $50.11, for a total value of $107,085.07. Following the completion of the sale, the insider now directly owns 46,355 shares of the company's stock, valued at $2,322,849.05. The trade was a 4.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Bobak R. Azamian sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $50.00, for a total transaction of $300,000.00. Following the transaction, the chief executive officer now directly owns 824,106 shares in the company, valued at approximately $41,205,300. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,542 shares of company stock valued at $1,581,173. Company insiders own 8.25% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Toronto Dominion Bank purchased a new stake in shares of Tarsus Pharmaceuticals in the 4th quarter worth approximately $105,714,000. Lord Abbett & CO. LLC lifted its holdings in Tarsus Pharmaceuticals by 115.2% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,279,987 shares of the company's stock worth $70,873,000 after buying an additional 685,111 shares during the period. Millennium Management LLC boosted its position in Tarsus Pharmaceuticals by 189.4% during the 4th quarter. Millennium Management LLC now owns 644,010 shares of the company's stock valued at $35,659,000 after acquiring an additional 421,495 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Tarsus Pharmaceuticals by 2,088.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 440,167 shares of the company's stock worth $14,477,000 after acquiring an additional 420,057 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC raised its position in shares of Tarsus Pharmaceuticals by 5,636.3% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 404,237 shares of the company's stock worth $22,383,000 after acquiring an additional 397,190 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Tarsus Pharmaceuticals Company 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.

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