Zacks Research Downgrades Alpha Tau Medical (NASDAQ:DRTS) to Strong Sell

Alpha Tau Medical (NASDAQ:DRTS) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research firms have also commented on DRTS. Citigroup reduced their price target on shares of Alpha Tau Medical from $8.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Alpha Tau Medical in a research note on Wednesday, October 8th. Wall Street Zen upgraded Alpha Tau Medical to a “sell” rating in a report on Saturday, November 1st. Finally, HC Wainwright reiterated a “buy” rating on shares of Alpha Tau Medical in a report on Wednesday, December 10th. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $8.00.

Alpha Tau Medical Trading Down 9.3%

Shares of DRTS stock opened at $6.46 on Monday. Alpha Tau Medical has a twelve month low of $2.30 and a twelve month high of $7.89. The stock has a fifty day simple moving average of $4.94 and a two-hundred day simple moving average of $4.08. The stock has a market capitalization of $547.94 million, a price-to-earnings ratio of -12.42 and a beta of 1.04.

Alpha Tau Medical (NASDAQ:DRTS) last released its quarterly earnings data on Thursday, November 20th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Research analysts predict that Alpha Tau Medical will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Alpha Tau Medical

Several institutional investors and hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. acquired a new position in shares of Alpha Tau Medical during the third quarter worth $62,000. Bank of America Corp DE grew its stake in Alpha Tau Medical by 2,779.1% during the 3rd quarter. Bank of America Corp DE now owns 22,457 shares of the company’s stock worth $101,000 after buying an additional 21,677 shares during the last quarter. Millennium Management LLC acquired a new position in Alpha Tau Medical during the 3rd quarter valued at about $170,000. Mariner LLC increased its position in Alpha Tau Medical by 185.8% during the 3rd quarter. Mariner LLC now owns 123,250 shares of the company’s stock valued at $556,000 after buying an additional 80,129 shares in the last quarter. Finally, Levin Capital Strategies L.P. raised its stake in Alpha Tau Medical by 6.3% in the third quarter. Levin Capital Strategies L.P. now owns 204,714 shares of the company’s stock valued at $923,000 after buying an additional 12,200 shares during the last quarter. 2.65% of the stock is owned by hedge funds and other institutional investors.

Alpha Tau Medical Company Profile

Alpha Tau Medical Ltd. is a medical technology company headquartered in Ness Ziona, Israel, focused on developing targeted alpha-radiation therapies for the treatment of solid tumors. The company’s core innovation, known as Diffusing Alpha-emitters Radiation Therapy (DaRT), employs short-lived radioactive isotopes to deliver high-energy alpha particles directly within or adjacent to tumor tissues. By harnessing the potent cytotoxic effects of alpha radiation, Alpha Tau Medical aims to offer a novel approach to brachytherapy that can potentially overcome radioresistance and spare surrounding healthy tissue.

The company’s lead product, Alpha DaRT, is currently being evaluated in clinical studies for a range of indications including recurrent or metastatic head and neck cancers, skin cancers, and other solid tumors.