State of New Jersey Common Pension Fund D Raises Stake in Turning Point Therapeutics, Inc. (NASDAQ:TPTX)

State of New Jersey Common Pension Fund D lifted its position in shares of Turning Point Therapeutics, Inc. (NASDAQ:TPTX – Get Rating) by 10.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 77,213 shares of the company’s stock after buying an additional 7,138 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.16% of Turning Point Therapeutics worth $2,073,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TPTX. Alliancebernstein L.P. raised its stake in shares of Turning Point Therapeutics by 60.4% during the 4th quarter. Alliancebernstein L.P. now owns 2,009,191 shares of the company’s stock worth $95,838,000 after buying an additional 756,418 shares during the last quarter. State Street Corp increased its stake in shares of Turning Point Therapeutics by 45.1% during the 4th quarter. State Street Corp now owns 2,274,518 shares of the company’s stock valued at $108,495,000 after acquiring an additional 706,465 shares during the last quarter. Pictet Asset Management SA increased its stake in shares of Turning Point Therapeutics by 42.1% during the 4th quarter. Pictet Asset Management SA now owns 1,678,893 shares of the company’s stock valued at $80,083,000 after acquiring an additional 497,071 shares during the last quarter. Citadel Advisors LLC increased its stake in shares of Turning Point Therapeutics by 170.8% during the 4th quarter. Citadel Advisors LLC now owns 646,226 shares of the company’s stock valued at $30,825,000 after acquiring an additional 407,578 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its stake in shares of Turning Point Therapeutics by 214.5% during the 4th quarter. Rafferty Asset Management LLC now owns 134,637 shares of the company’s stock valued at $6,422,000 after acquiring an additional 91,821 shares during the last quarter. Institutional investors and hedge funds own 90.33% of the company’s stock.

Turning Point Therapeutics Price Performance

Shares of TPTX opened at $75.25 on Friday. The business’s 50 day moving average is $70.94 and its two-hundred day moving average is $45.09. Turning Point Therapeutics, Inc. has a 52-week low of $23.77 and a 52-week high of $82.20. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of -13.53 and a beta of -0.18.

Turning Point Therapeutics (NASDAQ:TPTX – Get Rating) last announced its earnings results on Tuesday, May 10th. The company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.05). The business had revenue of $0.40 million during the quarter. During the same period last year, the business posted ($0.73) EPS. The business’s quarterly revenue was down 98.4% on a year-over-year basis. On average, equities analysts expect that Turning Point Therapeutics, Inc. will post -6.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TPTX. Bank of America initiated coverage on shares of Turning Point Therapeutics in a research note on Friday, May 20th. They set a “buy” rating and a $58.00 price objective for the company. Wedbush cut Turning Point Therapeutics from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $61.00 to $76.00 in a report on Friday, June 3rd. Cowen cut Turning Point Therapeutics from an “outperform” rating to a “market perform” rating in a report on Monday, June 6th. SVB Leerink cut Turning Point Therapeutics from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $101.00 to $76.00 in a report on Monday, June 13th. Finally, The Goldman Sachs Group decreased their target price on Turning Point Therapeutics from $143.00 to $116.00 and set a “buy” rating for the company in a report on Tuesday, May 24th. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $78.22.

Insider Buying and Selling at Turning Point Therapeutics

In other Turning Point Therapeutics news, CFO Paolo Tombesi sold 1,183 shares of the company’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $74.94, for a total value of $88,654.02. Following the transaction, the chief financial officer now directly owns 28,700 shares of the company’s stock, valued at approximately $2,150,778. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 7.30% of the stock is currently owned by corporate insiders.

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.