Tesaro Inc. (TSRO) Given Outperform Rating at Credit Suisse Group AG
Credit Suisse Group AG reissued their outperform rating on shares of Tesaro Inc. (NASDAQ:TSRO) in a research note published on Monday morning. They currently have a $122.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $90.00.
“Our M&A DCF valuations range from $122 to $157 by our model. We have also built models for other cancers like NSCLC, SCLC, prostate, and others where PARP might be impactful. We assume 0 percent POS for now but we conservatively see at least another $1 billion in sales from PARP expansion,” analyst Alethia Young wrote in a note.”For a large Pharma player who already has an oncology salesforce and large R&D infrastructure we could see SG&A synergies of 50–75 percent and R&D synergies of 15–30 percent. In our base case TSRO P&L we model a tax rate of 30 percent so there could be synergies here as well,” Young added.Young also sees further upside to valuation in the long-term from:”PARP expansion in other platinum sensitive tumors.””Potential HRD- sales in 1L as we expect the company will amend the protocol.””Readouts in breast cancer PARP studies in ’17.””Immuno-oncology where we expect early data over 2017.,” the firm’s analyst wrote.
TSRO has been the topic of several other research reports. SunTrust Banks Inc. reissued a buy rating and set a $91.60 target price on shares of Tesaro in a research note on Wednesday, September 14th. RBC Capital Markets reissued an outperform rating and set a $122.00 target price on shares of Tesaro in a research note on Wednesday, August 24th. Leerink Swann reissued an outperform rating and set a $108.00 target price on shares of Tesaro in a research note on Thursday, August 25th. Bank of America Corp. initiated coverage on shares of Tesaro in a research note on Tuesday, August 30th. They set a neutral rating and a $97.00 target price on the stock. Finally, Citigroup Inc. raised their target price on shares of Tesaro from $65.00 to $90.00 and gave the company a buy rating in a research note on Friday, July 1st. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $109.76.
Tesaro (NASDAQ:TSRO) traded down 1.16% during trading on Monday, hitting $116.54. 524,480 shares of the stock were exchanged. The firm’s market cap is $5.99 billion. Tesaro has a 12-month low of $29.51 and a 12-month high of $122.89. The stock’s 50-day moving average price is $97.07 and its 200-day moving average price is $69.78.
Tesaro (NASDAQ:TSRO) last released its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($1.28) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.71) by $0.43. The firm had revenue of $36.60 million for the quarter, compared to analysts’ expectations of $4.98 million. Tesaro had a negative net margin of 783.97% and a negative return on equity of 205.63%. During the same quarter last year, the company earned ($1.51) EPS. On average, equities analysts expect that Tesaro will post ($7.36) EPS for the current year.
In related news, VP Jeffrey H. Hanke sold 29,166 shares of the firm’s stock in a transaction that occurred on Tuesday, August 30th. The shares were 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 directly owns 29,166 shares in the company, valued at $2,509,442.64. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Martin H. Jr. Huber sold 408 shares of the firm’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $108.12, for a total transaction of $44,112.96. Following the sale, the senior vice president now owns 1,250 shares of the company’s stock, valued at $135,150. The disclosure for this sale can be found here. Corporate insiders own 40.50% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. KCG Holdings Inc. bought a new stake in Tesaro during the second quarter valued at approximately $228,000. Amalgamated Bank acquired a new position in shares of Tesaro during the second quarter valued at $260,000. Quantitative Systematic Strategies LLC acquired a new position in shares of Tesaro during the second quarter valued at $240,000. Bluestein R H & Co. acquired a new position in shares of Tesaro during the second quarter valued at $252,000. Finally, Neuberger Berman Group LLC acquired a new position in shares of Tesaro during the second quarter valued at $256,000. Institutional investors and hedge funds own 88.81% of the company’s stock.
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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