Lord Abbett & CO. LLC Purchases 685,111 Shares of Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS)

Lord Abbett & CO. LLC grew its stake in shares of Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS - Free Report) by 115.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,279,987 shares of the company's stock after acquiring an additional 685,111 shares during the period. Lord Abbett & CO. LLC owned about 3.35% of Tarsus Pharmaceuticals worth $70,873,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Crowley Wealth Management Inc. acquired a new stake in Tarsus Pharmaceuticals during the 4th quarter worth about $25,000. R Squared Ltd purchased a new stake in shares of Tarsus Pharmaceuticals in the 4th quarter valued at approximately $53,000. HighTower Advisors LLC acquired a new position in Tarsus Pharmaceuticals in the 4th quarter worth approximately $207,000. Summit Investment Advisors Inc. raised its stake in Tarsus Pharmaceuticals by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,848 shares of the company's stock valued at $213,000 after purchasing an additional 244 shares during the period. Finally, Victory Capital Management Inc. purchased a new stake in shares of Tarsus Pharmaceuticals in the fourth quarter valued at $223,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Tarsus Pharmaceuticals Stock Performance

Shares of NASDAQ:TARS traded down $0.28 during trading on Monday, reaching $49.72. The stock had a trading volume of 685,350 shares, compared to its average volume of 689,959. The stock has a fifty day simple moving average of $47.60 and a two-hundred day simple moving average of $48.53. The company has a quick ratio of 5.38, a current ratio of 5.42 and a debt-to-equity ratio of 0.30. Tarsus Pharmaceuticals, Inc. has a 52 week low of $20.08 and a 52 week high of $57.28. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -13.05 and a beta of 0.94.

Tarsus Pharmaceuticals (NASDAQ:TARS - Get Free Report) last announced its earnings results on Tuesday, February 25th. The company reported ($0.60) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.08. Tarsus Pharmaceuticals had a negative net margin of 103.64% and a negative return on equity of 55.86%. The firm had revenue of $66.41 million for the quarter, compared to the consensus estimate of $58.80 million. As a group, analysts anticipate that Tarsus Pharmaceuticals, Inc. will post -3.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on TARS. HC Wainwright reissued a "buy" rating and set a $73.00 price target on shares of Tarsus Pharmaceuticals in a research report on Wednesday, February 26th. Oppenheimer increased their price objective on Tarsus Pharmaceuticals from $65.00 to $72.00 and gave the stock an "outperform" rating in a report on Wednesday, January 22nd. Jefferies Financial Group increased their price objective on Tarsus Pharmaceuticals from $54.00 to $58.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Guggenheim reiterated a "buy" rating and issued a $78.00 target price (up from $75.00) on shares of Tarsus Pharmaceuticals in a research note on Monday, February 24th. Finally, Barclays decreased their target price on shares of Tarsus Pharmaceuticals from $62.00 to $60.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $63.67.

Insider Transactions at Tarsus Pharmaceuticals

In related news, insider Dianne C. Whitfield sold 2,315 shares of the company's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $46.29, for a total transaction of $107,161.35. Following the completion of the transaction, the insider now directly owns 50,751 shares in the company, valued at $2,349,263.79. This represents a 4.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Bobak R. Azamian sold 6,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $50.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief executive officer now owns 824,106 shares in the company, valued at $41,205,300. This represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,542 shares of company stock worth $1,581,173. Company insiders own 8.25% of the company's stock.

About Tarsus Pharmaceuticals

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.