Tarsus Pharmaceuticals (NASDAQ:TARS) Stock Price Down 6.3% – Here’s What Happened

Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS) traded down 6.3% on Tuesday . The stock traded as low as $43.61 and last traded at $44.06. 648,444 shares traded hands during trading, a decline of 32% from the average session volume of 950,679 shares. The stock had previously closed at $47.02.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TARS shares. Oppenheimer raised their price target on Tarsus Pharmaceuticals from $63.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. The Goldman Sachs Group raised their target price on Tarsus Pharmaceuticals from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $54.20.

Tarsus Pharmaceuticals Trading Up 0.8 %

The company has a market capitalization of $1.79 billion, a P/E ratio of -12.31 and a beta of 1.02. The company has a debt-to-equity ratio of 0.30, a quick ratio of 5.38 and a current ratio of 5.42. The stock has a fifty day moving average of $51.01 and a 200 day moving average of $38.08.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Rhumbline Advisers raised its stake in Tarsus Pharmaceuticals by 13.9% during the 2nd quarter. Rhumbline Advisers now owns 49,660 shares of the company’s stock worth $1,350,000 after acquiring an additional 6,070 shares during the period. Quest Partners LLC purchased a new stake in shares of Tarsus Pharmaceuticals in the second quarter worth $61,000. Federated Hermes Inc. raised its position in shares of Tarsus Pharmaceuticals by 71.2% during the 2nd quarter. Federated Hermes Inc. now owns 26,483 shares of the company’s stock valued at $720,000 after purchasing an additional 11,018 shares during the period. Hsbc Holdings PLC purchased a new position in shares of Tarsus Pharmaceuticals during the 2nd quarter valued at $241,000. Finally, Canada Pension Plan Investment Board bought a new position in Tarsus Pharmaceuticals in the 2nd quarter worth $114,000. 90.01% of the stock is 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.