Protara Therapeutics, Inc. (NASDAQ:TARA) Sees Large Decline in Short Interest

Protara Therapeutics, Inc. (NASDAQ:TARA) was the recipient of a significant decline in short interest in the month of May. As of May 15th, there was short interest totaling 3,739,353 shares, a decline of 37.6% from the April 30th total of 5,995,936 shares. Currently, 7.2% of the shares of the company are sold short. Based on an average daily volume of 665,961 shares, the days-to-cover ratio is currently 5.6 days.

Protara Therapeutics Stock Up 4.6%

TARA traded up $0.20 during trading on Thursday, reaching $4.42. The stock had a trading volume of 24,342 shares, compared to its average volume of 933,574. The stock has a 50 day moving average of $5.05 and a two-hundred day moving average of $5.68. The firm has a market capitalization of $248.12 million, a price-to-earnings ratio of -3.30 and a beta of 1.45. Protara Therapeutics has a 1-year low of $2.77 and a 1-year high of $7.82.

Protara Therapeutics (NASDAQ:TARA) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.05. On average, research analysts forecast that Protara Therapeutics will post -1.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TARA. HC Wainwright reaffirmed a “buy” rating on shares of Protara Therapeutics in a research report on Wednesday, May 20th. TD Cowen reissued a “buy” rating on shares of Protara Therapeutics in a report on Tuesday, March 10th. Wall Street Zen upgraded Protara Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Protara Therapeutics in a report on Wednesday, May 20th. Finally, UBS Group reaffirmed a “buy” rating on shares of Protara Therapeutics in a research report on Wednesday, May 20th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.25.

Insiders Place Their Bets

In other Protara Therapeutics news, insider Jacqueline Zummo sold 22,598 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $5.26, for a total transaction of $118,865.48. Following the sale, the insider directly owned 95,961 shares of the company’s stock, valued at approximately $504,754.86. This represents a 19.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.60% of the stock is currently owned by insiders.

Institutional Trading of Protara Therapeutics

A number of large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. purchased a new stake in shares of Protara Therapeutics during the second quarter valued at $46,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Protara Therapeutics in the 2nd quarter worth about $53,000. Persistent Asset Partners Ltd acquired a new stake in Protara Therapeutics during the 4th quarter worth about $57,000. AXQ Capital LP acquired a new stake in Protara Therapeutics during the 4th quarter worth about $58,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Protara Therapeutics during the fourth quarter valued at about $59,000. 38.13% of the stock is currently owned by institutional investors.

Protara Therapeutics Company Profile

Protara Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing novel immunotherapies for virus-driven cancers. The company’s primary areas of research include human papillomavirus (HPV)–associated malignancies, where it seeks to harness and enhance the body’s immune response to target tumor cells. Protara’s therapeutic strategy combines antigen-specific vaccination approaches with modulators of T-cell activation to improve clinical outcomes in patients with HPV-mediated disease.

Protara’s lead immunotherapy candidate is PTX-35, an investigational monoclonal antibody designed to agonize OX40, a co-stimulatory receptor on T cells.