Tesaro Inc. (TSRO) PT Raised to $139.00 at Wedbush
Tesaro Inc. (NASDAQ:TSRO) had its target price lifted by investment analysts at Wedbush from $107.00 to $139.00 in a report released on Monday. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Wedbush’s price objective would indicate a potential upside of 40.04% from the company’s current price.
The analysts wrote, “sees the clinical benefit of niraparib in HRD-negative patients as likely leading to approval in the entire platinum-sensitive ovarian market.”Waltham, Massachusetts-based TESARO, has an approved product in Varubi (rolapitant) for the prevention of delayed nausea and vomiting associated with emetogenic chemotherapy. The company is also developing its Phase 3 asset, niraparib, a PARP inhibitor in ovarian and breast cancer indications.TESARO said it would file NDA and MAA for all patients with recurrent, platinum-sensitive ovarian cancer in the fourth quarter 2016.”[W]e see the lack of requirement for a companion diagnostic for niraparib in these patients as a potential advantage over competing PARP inhibitors,” analyst David Nierengarten wrote in a note.Related Link: 16 Stocks Moving In Monday’s Pre-Market SessionNierengarten, who expects niraparib to be launched in the United States in mid-2017, now assumes 50 percent peak penetration into the platinum-sensitive market (up from 20 percent) and cuts peak penetration into the platinum-resistant market to 15 percent from a previous 25 percent.”These changes raise our 2021 niraparib sales estimate to $2.2 billion (from $1.6 billion), which also includes revenues from metastatic breast cancer gBRCAmut patients,” Nierengarten highlighted.The analyst says 50 percent peak market share is achievable given the favorable comparison of niraparib with data from olaparib-treated patients and olaparib being limited to gBRCA patients only. Nierengarten also noted niraparib has first-mover advantage in this treatment setting versus rucaparib.”Underwhelming data from rucaparib in the third line setting presented at ESMO gives us greater confidence that niraparib will be the market leader in the earlier line of therapy, especially if a companion diagnostic is required,”
Several other brokerages also recently weighed in on TSRO. Mizuho cut their target price on shares of Tesaro from $100.00 to $94.00 and set a “buy” rating for the company in a research note on Friday, August 5th. Lake Street Capital reissued a “buy” rating and issued a $114.00 target price on shares of Tesaro in a research note on Tuesday, September 6th. FBR & Co reissued a “buy” rating on shares of Tesaro in a research note on Thursday, June 30th. Wells Fargo & Co. reissued an “outperform” rating on shares of Tesaro in a research note on Thursday, June 30th. Finally, Zacks Investment Research raised shares of Tesaro from a “sell” rating to a “hold” rating in a research note on Tuesday, July 5th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $102.69.
Tesaro (NASDAQ:TSRO) opened at 99.26 on Monday. The firm’s 50-day moving average is $96.42 and its 200 day moving average is $68.96. Tesaro has a 52 week low of $29.51 and a 52 week high of $110.48. The stock’s market cap is $5.10 billion.
Tesaro (NASDAQ:TSRO) last released its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($1.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.71) by $0.43. The business earned $36.60 million during the quarter, compared to the consensus estimate of $4.98 million. Tesaro had a negative return on equity of 205.63% and a negative net margin of 783.97%. During the same quarter in the previous year, the company posted ($1.51) EPS. On average, equities research analysts expect that Tesaro will post ($7.36) EPS for the current year.
In other news, VP Jeffrey H. Hanke sold 29,166 shares of the business’s stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $86.04, for a total transaction of $2,509,442.64. Following the completion of the sale, the vice president now owns 29,166 shares in the company, valued at approximately $2,509,442.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Martin H. Jr. Huber sold 408 shares of the business’s stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $108.12, for a total value of $44,112.96. Following the sale, the senior vice president now owns 1,250 shares of the company’s stock, valued at approximately $135,150. The disclosure for this sale can be found here. Insiders own 40.50% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Passport Capital LLC bought a new position in Tesaro during the second quarter worth $61,720,000. FMR LLC boosted its position in Tesaro by 9.6% in the second quarter. FMR LLC now owns 6,097,449 shares of the biopharmaceutical company’s stock worth $512,490,000 after buying an additional 531,892 shares in the last quarter. Pictet Asset Management Ltd. boosted its position in Tesaro by 661.3% in the second quarter. Pictet Asset Management Ltd. now owns 418,730 shares of the biopharmaceutical company’s stock worth $19,387,000 after buying an additional 363,730 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in Tesaro during the second quarter worth $23,685,000. Finally, Vanguard Group Inc. boosted its position in Tesaro by 11.0% in the second quarter. Vanguard Group Inc. now owns 2,216,739 shares of the biopharmaceutical company’s stock worth $186,317,000 after buying an additional 219,902 shares in the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.
Tesaro Company Profile
TESARO, Inc is an oncology-focused biopharmaceutical company. The Company acquires, in-licenses and develops oncology product candidates. It operates in business of developing and commercializing oncology-focused therapeutics segment. It has in-licensed and are developing oncology-related product candidates, including intravenous (IV) rolapitant and niraparib, as well as product candidates under its immuno-oncology platform.
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