Protara Therapeutics (NASDAQ:TARA) Stock Falls 5.3% – Here’s What Happened

Protara Therapeutics, Inc. (NASDAQ:TARA)’s share price dropped 5.3% on Wednesday. The company traded as low as $2.47 and last traded at $2.48. 701,413 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 1,806,964 shares. The stock had previously closed at $2.62.

Analyst Ratings Changes

Several research firms recently commented on TARA. Cantor Fitzgerald reissued an “overweight” rating on shares of Protara Therapeutics in a research note on Thursday. Wall Street Zen raised Protara Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Protara Therapeutics in a report on Thursday. Seven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Protara Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $26.25.

Protara Therapeutics Stock Down 3.3%

The stock has a 50 day simple moving average of $3.53 and a two-hundred day simple moving average of $4.19. The stock has a market capitalization of $137.11 million, a P/E ratio of -1.72 and a beta of 1.47.

Protara Therapeutics (NASDAQ:TARA) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.03). Sell-side analysts predict that Protara Therapeutics, Inc. will post -1.40 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Protara Therapeutics

Several hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC increased its position in shares of Protara Therapeutics by 1.3% in the 1st quarter. Janus Henderson Group PLC now owns 5,207,011 shares of the company’s stock valued at $27,155,000 after acquiring an additional 65,395 shares during the period. Velan Capital Investment Management LP raised its position in Protara Therapeutics by 0.4% during the 2nd quarter. Velan Capital Investment Management LP now owns 2,844,652 shares of the company’s stock worth $10,867,000 after buying an additional 10,000 shares during the last quarter. AIGH Capital Management LLC purchased a new position in shares of Protara Therapeutics in the 1st quarter valued at about $8,454,000. 5AM Venture Management LLC raised its position in Protara Therapeutics by 71.2% during the fourth quarter. 5AM Venture Management LLC now owns 1,369,782 shares of the company’s stock worth $7,301,000 after acquiring an additional 569,782 shares during the last quarter. Finally, Baker BROS. Advisors LP lifted its stake in shares of Protara Therapeutics by 81.0% during the fourth quarter. Baker BROS. Advisors LP now owns 971,614 shares of the company’s stock valued at $5,179,000 after buying an additional 434,782 shares during the period. Hedge funds and other institutional investors own 38.13% of the company’s stock.

Protara Therapeutics Company Profile

Protara Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for cancer and rare diseases. The company’s work centers on investigational treatments intended to address conditions with significant unmet medical needs.

Protara’s lead product candidate is TARA-002, an investigational cell-based therapy derived from OK-432, a preparation based on a strain of Streptococcus pyogenes. The company is developing TARA-002 for non-muscle-invasive bladder cancer, a form of bladder cancer that has not invaded the bladder muscle, and for lymphatic malformations, rare abnormalities of the lymphatic system.

Protara conducts its research and clinical development activities primarily in the United States.