resTORbio (NASDAQ:TORC) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of resTORbio (NASDAQ:TORC) from a hold rating to a buy rating in a report published on Tuesday, Zacks.com reports. The brokerage currently has $9.75 price objective on the stock.

According to Zacks, “resTORbio, Inc. is a clinical-stage biopharmaceutical company. It focused on the development and commercialization of therapeutics for the treatment of aging-related diseases. The company’s program consists of rapamycin complex 1 pathway to treat aging-related diseases and conditions. Its lead product candidate, RTB101 is an orally administered, small molecule, potent TORC1 inhibitor which is in clinical stage. resTORbio, Inc. is based in BOSTON, United States. “

TORC has been the topic of a number of other research reports. Wedbush reissued an outperform rating on shares of resTORbio in a research report on Monday, March 18th. Svb Leerink reissued an outperform rating on shares of resTORbio in a research report on Monday, March 25th. Finally, Guggenheim began coverage on resTORbio in a research report on Tuesday, June 4th. They set a buy rating and a $28.00 price target on the stock. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $18.88.

Shares of NASDAQ:TORC opened at $8.34 on Tuesday. The company has a market cap of $298.10 million, a P/E ratio of -5.87 and a beta of 2.83. resTORbio has a 1 year low of $6.21 and a 1 year high of $20.59.

resTORbio (NASDAQ:TORC) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.36) by ($0.02). Analysts forecast that resTORbio will post -1.84 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers bought a new stake in resTORbio during the first quarter worth $69,000. State of Wisconsin Investment Board bought a new stake in resTORbio during the first quarter worth $70,000. Jane Street Group LLC bought a new stake in resTORbio during the first quarter worth $117,000. Pentwater Capital Management LP bought a new stake in resTORbio during the first quarter worth $177,000. Finally, Bank of New York Mellon Corp lifted its stake in resTORbio by 9.9% during the fourth quarter. Bank of New York Mellon Corp now owns 27,788 shares of the company’s stock worth $239,000 after purchasing an additional 2,497 shares during the last quarter. Hedge funds and other institutional investors own 52.43% of the company’s stock.

About resTORbio

resTORbio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics for the treatment of aging-related diseases. Its lead program is targeting the selective inhibition of TORC1, an evolutionary conserved pathway that contributes to the decline in function of multiple organ systems, including the immune, cardiac, and neurologic systems.

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