Tarsus Pharmaceuticals (NASDAQ:TARS) Shares Down 6.3% – Time to Sell?

Shares of Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS) traded down 6.3% on Tuesday . The stock traded as low as $43.61 and last traded at $44.06. 648,444 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 950,679 shares. The stock had previously closed at $47.02.

Wall Street Analysts Forecast Growth

TARS has been the subject of a number of research reports. Oppenheimer upped their price objective on shares of Tarsus Pharmaceuticals from $63.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. The Goldman Sachs Group upped their price target on shares of Tarsus Pharmaceuticals from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $54.20.

Tarsus Pharmaceuticals Stock Down 6.0 %

The company’s 50-day moving average is $51.04 and its 200 day moving average is $37.90. The stock has a market capitalization of $1.69 billion, a PE ratio of -11.60 and a beta of 1.02. The company has a current ratio of 5.42, a quick ratio of 5.38 and a debt-to-equity ratio of 0.30.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC increased its position in shares of Tarsus Pharmaceuticals by 47.2% in the 3rd quarter. Jennison Associates LLC now owns 2,178,580 shares of the company’s stock valued at $71,653,000 after acquiring an additional 698,712 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Tarsus Pharmaceuticals by 2,088.8% in the third quarter. JPMorgan Chase & Co. now owns 440,167 shares of the company’s stock valued at $14,477,000 after purchasing an additional 420,057 shares during the period. Millennium Management LLC raised its stake in shares of Tarsus Pharmaceuticals by 1,259.3% in the second quarter. Millennium Management LLC now owns 348,586 shares of the company’s stock worth $9,475,000 after purchasing an additional 322,942 shares during the last quarter. Ally Bridge Group NY LLC acquired a new stake in shares of Tarsus Pharmaceuticals during the third quarter worth about $10,587,000. Finally, Vestal Point Capital LP purchased a new stake in Tarsus Pharmaceuticals in the third quarter valued at approximately $7,565,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Tarsus Pharmaceuticals Company Profile

Tarsus Pharmaceuticals, Inc, a commercial stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutic candidates for eye care in the United States. The company's lead product candidate is XDEMVY, a novel therapeutic for the treatment of blepharitis caused by the infestation of Demodex mites, as well as to treat meibomian gland disease.