Tarsus Pharmaceuticals (NASDAQ:TARS) Shares Gap Up on Better-Than-Expected Earnings

Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS - Get Free Report)'s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $45.54, but opened at $47.44. Tarsus Pharmaceuticals shares last traded at $44.83, with a volume of 251,757 shares changing hands.

The company reported ($0.60) earnings per share for the quarter, topping analysts' consensus estimates 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TARS shares. The Goldman Sachs Group lifted their price target on shares of Tarsus Pharmaceuticals from $36.00 to $41.00 and gave the stock a "neutral" rating in a research note on Friday, November 15th. HC Wainwright reiterated a "buy" rating and set a $73.00 price target on shares of Tarsus Pharmaceuticals in a research note on Wednesday. Guggenheim reiterated a "buy" rating and set a $78.00 price target (up previously from $75.00) on shares of Tarsus Pharmaceuticals in a research note on Monday. Barclays decreased their price target on shares of Tarsus Pharmaceuticals from $62.00 to $60.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, Oppenheimer lifted their price objective on Tarsus Pharmaceuticals from $65.00 to $72.00 and gave the company an "outperform" rating in a report on Wednesday, January 22nd. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tarsus Pharmaceuticals currently has a consensus rating of "Buy" and a consensus price target of $61.33.

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Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Summit Investment Advisors Inc. lifted its holdings in shares of Tarsus Pharmaceuticals by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,848 shares of the company's stock valued at $213,000 after acquiring an additional 244 shares during the period. Sherbrooke Park Advisers LLC raised its holdings in shares of Tarsus Pharmaceuticals by 7.2% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 6,571 shares of the company's stock valued at $364,000 after buying an additional 443 shares during the last quarter. Crowley Wealth Management Inc. bought a new position in shares of Tarsus Pharmaceuticals in the fourth quarter valued at about $25,000. Bank of New York Mellon Corp raised its holdings in shares of Tarsus Pharmaceuticals by 0.5% in the fourth quarter. Bank of New York Mellon Corp now owns 101,928 shares of the company's stock valued at $5,644,000 after buying an additional 498 shares during the last quarter. Finally, Swiss National Bank raised its holdings in shares of Tarsus Pharmaceuticals by 1.2% in the fourth quarter. Swiss National Bank now owns 52,333 shares of the company's stock valued at $2,898,000 after buying an additional 600 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Tarsus Pharmaceuticals Price Performance

The stock has a fifty day moving average of $50.97 and a 200-day moving average of $43.13. The company has a quick ratio of 5.38, a current ratio of 5.42 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $1.70 billion, a P/E ratio of -11.67 and a beta of 1.01.

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.