SG Americas Securities LLC Increases Holdings in Turning Point Therapeutics, Inc. (NASDAQ:TPTX)

SG Americas Securities LLC increased its stake in shares of Turning Point Therapeutics, Inc. (NASDAQ:TPTX – Get Rating) by 127.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,698 shares of the company’s stock after buying an additional 12,722 shares during the quarter. SG Americas Securities LLC’s holdings in Turning Point Therapeutics were worth $609,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TPTX. ProShare Advisors LLC raised its position in Turning Point Therapeutics by 3.4% in the fourth quarter. ProShare Advisors LLC now owns 17,010 shares of the company’s stock valued at $810,000 after purchasing an additional 560 shares during the period. Citigroup Inc. grew its stake in shares of Turning Point Therapeutics by 225.0% in the fourth quarter. Citigroup Inc. now owns 113,403 shares of the company’s stock valued at $5,409,000 after buying an additional 78,514 shares in the last quarter. Barclays PLC grew its stake in shares of Turning Point Therapeutics by 352.3% in the fourth quarter. Barclays PLC now owns 92,085 shares of the company’s stock valued at $4,393,000 after buying an additional 71,727 shares in the last quarter. Pictet Asset Management SA grew its stake in shares of Turning Point Therapeutics by 42.1% in the fourth quarter. Pictet Asset Management SA now owns 1,678,893 shares of the company’s stock valued at $80,083,000 after buying an additional 497,071 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Turning Point Therapeutics by 10.4% in the fourth quarter. Bank of America Corp DE now owns 169,541 shares of the company’s stock valued at $8,086,000 after buying an additional 16,021 shares in the last quarter. Hedge funds and other institutional investors own 90.33% of the company’s stock.

Turning Point Therapeutics Stock Performance

NASDAQ:TPTX opened at $75.25 on Thursday. The stock has a 50-day simple moving average of $70.09 and a 200-day simple moving average of $44.83. The stock has a market cap of $3.74 billion, a P/E ratio of -13.53 and a beta of -0.18. Turning Point Therapeutics, Inc. has a 1 year low of $23.77 and a 1 year high of $82.20.

Turning Point Therapeutics (NASDAQ:TPTX – Get Rating) last posted its earnings results on Tuesday, May 10th. The company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.45) by ($0.05). The firm had revenue of $0.40 million during the quarter. During the same period in the prior year, the company posted ($0.73) earnings per share. Turning Point Therapeutics’s revenue for the quarter was down 98.4% compared to the same quarter last year. On average, equities research analysts predict that Turning Point Therapeutics, Inc. will post -6.85 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on TPTX shares. Wells Fargo & Company cut Turning Point Therapeutics from an “overweight” rating to an “equal weight” rating and set a $76.00 price objective for the company. in a research note on Friday, June 3rd. Cowen cut Turning Point Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Monday, June 6th. The Goldman Sachs Group lowered their target price on Turning Point Therapeutics from $143.00 to $116.00 and set a “buy” rating for the company in a research note on Tuesday, May 24th. Bank of America started coverage on Turning Point Therapeutics in a research note on Friday, May 20th. They set a “buy” rating and a $58.00 target price for the company. Finally, SVB Leerink cut Turning Point Therapeutics from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $101.00 to $76.00 in a research note on Monday, June 13th. Nine equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $78.22.

Insider Activity

In other news, CFO Paolo Tombesi sold 1,183 shares of the business’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $74.94, for a total value of $88,654.02. Following the completion of the sale, the chief financial officer now directly owns 28,700 shares of the company’s stock, valued at approximately $2,150,778. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.30% of the company’s stock.

About Turning Point Therapeutics

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Turning Point Therapeutics, Inc, a clinical-stage precision oncology biopharmaceutical company, engages in designing and developing therapies that target genetic drivers of cancer. It develops a pipeline of tyrosine kinase inhibitors (TKIs) that targets genetic drivers of cancer in TKI-naïve and TKI-pretreated patients.

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