TESARO, Inc. (TSRO) Stock Price Down 6.5% on Disappointing Earnings

TESARO, Inc. (NASDAQ:TSRO)’s share price was down 6.5% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $110.80 and last traded at $116.18, with a volume of 2,826,911 shares traded. The stock had previously closed at $124.31.

The biopharmaceutical company reported ($2.82) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.52) by $0.30. TESARO had a negative net margin of 1,301.19% and a negative return on equity of 104.00%. The firm had revenue of $29.50 million during the quarter, compared to analysts’ expectations of $18.61 million. During the same period in the previous year, the firm posted ($1.28) earnings per share. The firm’s revenue for the quarter was down 17.6% on a year-over-year basis.

Several analysts have recently weighed in on TSRO shares. Credit Suisse Group set a $198.00 target price on TESARO and gave the company a “buy” rating in a report on Monday, June 5th. Citigroup Inc. reissued a “buy” rating and issued a $216.00 target price (down from $232.00) on shares of TESARO in a report on Saturday, April 22nd. Cann reissued a “buy” rating and issued a $199.00 target price on shares of TESARO in a report on Monday, June 5th. Oppenheimer Holdings, Inc. set a $199.00 target price on TESARO and gave the company a “buy” rating in a report on Sunday, June 4th. Finally, Bank of America Corporation reissued a “buy” rating and issued a $154.00 target price on shares of TESARO in a report on Tuesday, June 20th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $173.47.

In related news, VP Edward C. English sold 8,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $138.65, for a total value of $1,178,525.00. Following the sale, the vice president now owns 5,396 shares in the company, valued at approximately $748,155.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 40.50% of the company’s stock.

Several large investors have recently added to or reduced their stakes in TSRO. Public Employees Retirement System of Ohio boosted its stake in TESARO by 82.4% in the second quarter. Public Employees Retirement System of Ohio now owns 36,667 shares of the biopharmaceutical company’s stock worth $5,128,000 after buying an additional 16,569 shares in the last quarter. Intellectus Partners LLC boosted its stake in TESARO by 17.7% in the second quarter. Intellectus Partners LLC now owns 6,310 shares of the biopharmaceutical company’s stock worth $883,000 after buying an additional 950 shares in the last quarter. California State Teachers Retirement System boosted its stake in TESARO by 20.8% in the second quarter. California State Teachers Retirement System now owns 68,090 shares of the biopharmaceutical company’s stock worth $9,523,000 after buying an additional 11,706 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in TESARO by 291.7% in the second quarter. Cubist Systematic Strategies LLC now owns 7,105 shares of the biopharmaceutical company’s stock worth $994,000 after buying an additional 5,291 shares in the last quarter. Finally, PointState Capital LP purchased a new stake in TESARO during the second quarter worth $85,971,000.

The firm has a 50 day moving average price of $125.98 and a 200-day moving average price of $147.86. The stock’s market cap is $6.17 billion.

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TESARO Company Profile

TESARO, Inc is an oncology-focused biopharmaceutical company. The Company operates through the business of developing and commercializing of oncology-focused therapeutics segment. It is developing oncology-related product candidates, including rolapitant, niraparib and the product candidates under its immuno-oncology platform.

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