Alpha Tau Medical (NASDAQ:DRTS) Shares Gap Up – Time to Buy?

Alpha Tau Medical Ltd. (NASDAQ:DRTS)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $7.31, but opened at $7.48. Alpha Tau Medical shares last traded at $7.4250, with a volume of 60,496 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Zacks Research raised shares of Alpha Tau Medical from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Citigroup lifted their target price on shares of Alpha Tau Medical from $7.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. HC Wainwright reissued a “buy” rating and issued a $12.00 price target on shares of Alpha Tau Medical in a research report on Tuesday, March 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alpha Tau Medical in a research report on Wednesday, January 21st. Finally, Piper Sandler reiterated a “neutral” rating and set a $5.00 price objective on shares of Alpha Tau Medical in a research note on Wednesday, March 4th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $8.67.

Alpha Tau Medical Trading Down 3.4%

The firm has a market cap of $599.68 million, a P/E ratio of -13.34 and a beta of 1.02. The stock has a fifty day simple moving average of $7.22 and a 200 day simple moving average of $5.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 7.45 and a current ratio of 7.45.

Alpha Tau Medical (NASDAQ:DRTS) last announced its quarterly earnings results on Monday, March 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). On average, research analysts expect that Alpha Tau Medical Ltd. will post -0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alpha Tau Medical

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

About Alpha Tau Medical

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.