Turnstone Biologics (NASDAQ:TSBX) Cut to Underperform at Bank of America

Turnstone Biologics (NASDAQ:TSBX) was downgraded by investment analysts at Bank of America from a “neutral” rating to an “underperform” rating in a note issued to investors on Friday, Marketbeat.com reports.

Separately, Piper Sandler dropped their target price on shares of Turnstone Biologics from $20.00 to $3.75 and set an “overweight” rating on the stock in a research note on Monday, August 19th.

Turnstone Biologics Stock Performance

Shares of NASDAQ TSBX opened at $0.53 on Friday. The firm’s fifty day moving average is $0.54 and its two-hundred day moving average is $1.69. Turnstone Biologics has a 52-week low of $0.44 and a 52-week high of $5.75. The company has a market cap of $12.21 million, a P/E ratio of -0.16 and a beta of 2.21.

Turnstone Biologics (NASDAQ:TSBX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.13. As a group, analysts forecast that Turnstone Biologics will post -3.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TSBX. Sei Investments Co. purchased a new position in Turnstone Biologics in the second quarter worth $31,000. FMR LLC raised its position in Turnstone Biologics by 3.3% during the third quarter. FMR LLC now owns 1,172,987 shares of the company’s stock valued at $653,000 after acquiring an additional 37,738 shares in the last quarter. Finally, Zimmer Partners LP increased its stake in shares of Turnstone Biologics by 271.4% in the 1st quarter. Zimmer Partners LP now owns 179,026 shares of the company’s stock valued at $469,000 after purchasing an additional 130,826 shares in the last quarter. 52.51% of the stock is currently owned by hedge funds and other institutional investors.

Turnstone Biologics Company Profile

Turnstone Biologics Corp., a clinical stage biotechnology company, focuses on developing medicines to treat and cure patients with solid tumors. The company's lead product includes TIDAL-01 that is in Phase 1 clinical trials for the treatment of breast cancer, colorectal cancer, head and neck cancer and uveal melanoma, as well as an investigator sponsored trials to treat colorectal cancer, head and neck cancer, and cutaneous and non-cutaneous melanomas.