Tarsus Pharmaceuticals (NASDAQ:TARS) Trading Down 5.3% – Here’s What Happened

Shares of Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS) traded down 5.3% during trading on Thursday . The stock traded as low as $52.57 and last traded at $53.93. 106,482 shares changed hands during trading, a decline of 83% from the average session volume of 642,974 shares. The stock had previously closed at $56.94.

Analyst Upgrades and Downgrades

TARS has been the subject of several analyst reports. The Goldman Sachs Group increased their price objective on Tarsus Pharmaceuticals from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Oppenheimer raised their price objective on Tarsus Pharmaceuticals from $65.00 to $72.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 22nd. Finally, Barclays upped their target price on shares of Tarsus Pharmaceuticals from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, January 27th. One investment 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 company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $56.00.

Tarsus Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 5.42 and a quick ratio of 5.38. The stock has a 50 day moving average price of $52.01 and a two-hundred day moving average price of $40.69. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -13.90 and a beta of 1.01.

Hedge Funds Weigh In On Tarsus Pharmaceuticals

Several institutional investors have recently bought and sold shares of TARS. The Manufacturers Life Insurance Company boosted its stake in shares of Tarsus Pharmaceuticals by 10.3% in the second quarter. The Manufacturers Life Insurance Company now owns 33,282 shares of the company’s stock valued at $905,000 after purchasing an additional 3,112 shares during the period. SG Americas Securities LLC lifted its holdings in Tarsus Pharmaceuticals by 87.5% during the 3rd quarter. SG Americas Securities LLC now owns 7,242 shares of the company’s stock worth $238,000 after buying an additional 3,379 shares in the last quarter. Essex Investment Management Co. LLC acquired a new position in shares of Tarsus Pharmaceuticals in the third quarter worth $3,590,000. Creative Planning acquired a new position in shares of Tarsus Pharmaceuticals in the third quarter worth $362,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Tarsus Pharmaceuticals by 16.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 210,531 shares of the company’s stock worth $6,924,000 after acquiring an additional 29,465 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

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.