TESARO (NASDAQ:TSRO) posted its earnings results on Thursday. The biopharmaceutical company reported ($2.49) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.62) by $0.13, Briefing.com reports. The company had revenue of $64.40 million during the quarter, compared to analysts’ expectations of $71.84 million. TESARO had a negative net margin of 180.29% and a negative return on equity of 285.30%. TESARO’s quarterly revenue was down 54.9% on a year-over-year basis. During the same period last year, the company posted ($0.47) earnings per share.
Shares of TSRO stock traded down $1.58 during trading hours on Friday, reaching $30.30. 3,574,718 shares of the stock were exchanged, compared to its average volume of 1,830,300. TESARO has a 12-month low of $25.62 and a 12-month high of $113.75. The company has a current ratio of 4.11, a quick ratio of 3.64 and a debt-to-equity ratio of 3.74. The stock has a market cap of $1.59 billion, a PE ratio of -3.30 and a beta of 1.35.
TSRO has been the subject of several research analyst reports. Zacks Investment Research raised shares of TESARO from a “sell” rating to a “hold” rating in a research note on Tuesday, July 17th. HC Wainwright dropped their price objective on shares of TESARO to $71.00 and set a “buy” rating for the company in a research note on Friday, July 20th. ValuEngine cut shares of TESARO from a “hold” rating to a “sell” rating in a research note on Saturday, July 28th. Jefferies Financial Group reissued a “hold” rating and issued a $38.00 price objective on shares of TESARO in a research note on Friday, August 3rd. Finally, Royal Bank of Canada dropped their price objective on shares of TESARO to $38.00 and set a “sector perform” rating for the company in a research note on Friday, August 3rd. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $78.00.
In related news, Director Arnold L. Oronsky sold 10,000 shares of TESARO stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $26.77, for a total transaction of $267,700.00. Following the completion of the transaction, the director now directly owns 12,479 shares of the company’s stock, valued at approximately $334,062.83. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 10,443 shares of company stock valued at $283,996. 33.70% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of TESARO by 5.8% during the 2nd quarter. BlackRock Inc. now owns 4,221,311 shares of the biopharmaceutical company’s stock worth $187,720,000 after purchasing an additional 231,196 shares during the period. Frontier Capital Management Co. LLC boosted its stake in shares of TESARO by 77.9% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 3,139,778 shares of the biopharmaceutical company’s stock worth $122,483,000 after purchasing an additional 1,375,361 shares during the period. BB Biotech AG boosted its stake in shares of TESARO by 48.9% during the 2nd quarter. BB Biotech AG now owns 2,426,802 shares of the biopharmaceutical company’s stock worth $107,920,000 after purchasing an additional 797,059 shares during the period. EULAV Asset Management boosted its stake in shares of TESARO by 8.3% during the 3rd quarter. EULAV Asset Management now owns 520,000 shares of the biopharmaceutical company’s stock worth $20,285,000 after purchasing an additional 40,000 shares during the period. Finally, Nexthera Capital LP purchased a new position in shares of TESARO during the 2nd quarter worth about $19,278,000.
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.
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