Bank of America Trims Tesaro (TSRO) Target Price to $88.00

Tesaro (NASDAQ:TSRO) had its price target reduced by Bank of America from $94.00 to $88.00 in a research note issued to investors on Friday. They currently have a buy rating on the biopharmaceutical company’s stock.

Other equities analysts also recently issued reports about the company. Zacks Investment Research downgraded Tesaro from a hold rating to a sell rating in a research report on Thursday, January 11th. Cann restated a buy rating and issued a $122.00 price objective (down from $199.00) on shares of Tesaro in a research report on Tuesday, February 27th. Wells Fargo restated an outperform rating and issued a $122.00 price objective (down from $224.00) on shares of Tesaro in a research report on Wednesday, February 28th. Leerink Swann restated an outperform rating and issued a $105.00 price objective (down from $123.00) on shares of Tesaro in a research report on Wednesday, February 28th. Finally, Evercore ISI upgraded Tesaro from an in-line rating to an outperform rating and set a $88.00 price objective on the stock in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $119.00.

NASDAQ TSRO opened at $46.96 on Friday. The firm has a market cap of $2.74 billion, a P/E ratio of -5.12 and a beta of 1.32. The company has a current ratio of 4.02, a quick ratio of 3.56 and a debt-to-equity ratio of 3.74. Tesaro has a fifty-two week low of $45.89 and a fifty-two week high of $168.92.

Tesaro (NASDAQ:TSRO) last released its earnings results on Thursday, May 3rd. The biopharmaceutical company reported ($2.98) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.56) by ($0.42). The company had revenue of $49.74 million for the quarter, compared to analysts’ expectations of $56.34 million. Tesaro had a negative net margin of 193.42% and a negative return on equity of 177.92%. Tesaro’s revenue for the quarter was up 1520.2% on a year-over-year basis. During the same quarter last year, the firm posted ($2.55) earnings per share. equities research analysts anticipate that Tesaro will post -9.44 EPS for the current year.

In other news, CEO Leon O. Moulder, Jr. bought 5,000 shares of Tesaro stock in a transaction dated Friday, March 2nd. The shares were purchased at an average cost of $56.93 per share, with a total value of $284,650.00. Following the completion of the acquisition, the chief executive officer now owns 1,018,828 shares of the company’s stock, valued at approximately $58,001,878.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David M. Mott bought 68,302 shares of Tesaro stock in a transaction dated Friday, March 2nd. The stock was purchased at an average cost of $55.56 per share, for a total transaction of $3,794,859.12. Following the completion of the acquisition, the director now directly owns 12,825 shares of the company’s stock, valued at approximately $712,557. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 334,913 shares of company stock worth $19,083,294 and sold 13,042 shares worth $760,526. Insiders own 33.70% of the company’s stock.

Several hedge funds have recently modified their holdings of TSRO. Exane Derivatives increased its stake in Tesaro by 137.1% during the fourth quarter. Exane Derivatives now owns 1,942 shares of the biopharmaceutical company’s stock worth $161,000 after acquiring an additional 1,123 shares during the last quarter. Aperio Group LLC increased its stake in Tesaro by 29.9% during the fourth quarter. Aperio Group LLC now owns 4,922 shares of the biopharmaceutical company’s stock worth $408,000 after acquiring an additional 1,132 shares during the last quarter. American International Group Inc. increased its stake in Tesaro by 138.8% during the first quarter. American International Group Inc. now owns 2,099 shares of the biopharmaceutical company’s stock worth $120,000 after acquiring an additional 1,220 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in Tesaro by 2.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 52,405 shares of the biopharmaceutical company’s stock worth $2,994,000 after acquiring an additional 1,287 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in Tesaro by 0.5% during the fourth quarter. Jennison Associates LLC now owns 338,919 shares of the biopharmaceutical company’s stock worth $28,086,000 after acquiring an additional 1,658 shares during the last quarter.

About Tesaro

Tesaro, Inc, an oncology-focused biopharmaceutical company, identifies, acquires, develops, and commercializes cancer therapeutics and oncology supportive care products in the United States. It offers ZEJULA (niraparib), an orally active and potent poly polymerase inhibitor for the maintenance treatment of women with recurrent epithelial ovarian, fallopian tube, or primary peritoneal cancer; and VARUBI (rolapitant), a neurokinin-1, or NK-1, receptor antagonist for the prevention of chemotherapy induced nausea and vomiting.

Analyst Recommendations for Tesaro (NASDAQ:TSRO)

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