Tesaro Inc. (TSRO) Earns “Outperform” Rating from Credit Suisse Group AG
Credit Suisse Group AG restated their outperform rating on shares of Tesaro Inc. (NASDAQ:TSRO) in a report published on Monday. They currently have a $122.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $90.00.
“Our M&A DCF valuations range from $122 to $157 by our model. We have also built models for other cancers like NSCLC, SCLC, prostate, and others where PARP might be impactful. We assume 0 percent POS for now but we conservatively see at least another $1 billion in sales from PARP expansion,” analyst Alethia Young wrote in a note.”For a large Pharma player who already has an oncology salesforce and large R&D infrastructure we could see SG&A synergies of 50–75 percent and R&D synergies of 15–30 percent. In our base case TSRO P&L we model a tax rate of 30 percent so there could be synergies here as well,” Young added.Young also sees further upside to valuation in the long-term from:”PARP expansion in other platinum sensitive tumors.””Potential HRD- sales in 1L as we expect the company will amend the protocol.””Readouts in breast cancer PARP studies in ’17.””Immuno-oncology where we expect early data over 2017.,” Credit Suisse Group AG’s analyst commented.
Several other brokerages have also weighed in on TSRO. Leerink Swann reiterated an outperform rating and set a $115.00 price objective (up from $108.00) on shares of Tesaro in a report on Monday. Royal Bank Of Canada increased their price objective on shares of Tesaro from $122.00 to $128.00 and gave the stock an outperform rating in a report on Monday. Robert W. Baird increased their price objective on shares of Tesaro from $105.00 to $120.00 and gave the stock an outperform rating in a report on Monday. Wedbush raised their price target on shares of Tesaro from $107.00 to $139.00 and gave the company an outperform rating in a report on Monday. Finally, FBR & Co raised their price target on shares of Tesaro from $102.00 to $115.00 and gave the company an outperform rating in a report on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $110.11.
Tesaro (NASDAQ:TSRO) opened at 114.77 on Monday. The firm’s 50-day moving average is $98.16 and its 200 day moving average is $70.43. The firm’s market cap is $5.90 billion. Tesaro has a 12-month low of $29.51 and a 12-month high of $122.89.
Tesaro (NASDAQ:TSRO) last announced its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($1.28) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.71) by $0.43. The business had revenue of $36.60 million for the quarter, compared to analyst estimates of $4.98 million. Tesaro had a negative net margin of 783.97% and a negative return on equity of 205.63%. During the same period in the prior year, the firm posted ($1.51) EPS. Equities research analysts predict that Tesaro will post ($7.36) EPS for the current year.
In other news, SVP Martin H. Jr. Huber sold 408 shares of the firm’s stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $108.12, for a total transaction of $44,112.96. Following the completion of the sale, the senior vice president now owns 1,250 shares of the company’s stock, valued at $135,150. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jeffrey H. Hanke sold 29,166 shares of the firm’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $86.04, for a total transaction of $2,509,442.64. Following the sale, the vice president now directly owns 29,166 shares of the company’s stock, valued at approximately $2,509,442.64. The disclosure for this sale can be found here. Insiders own 40.50% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Passport Capital LLC bought a new stake in Tesaro during the second quarter worth $61,720,000. FMR LLC increased its stake in Tesaro by 9.6% in the second quarter. FMR LLC now owns 6,097,449 shares of the biopharmaceutical company’s stock worth $512,490,000 after buying an additional 531,892 shares during the last quarter. Pictet Asset Management Ltd. increased its stake in Tesaro by 661.3% in the second quarter. Pictet Asset Management Ltd. now owns 418,730 shares of the biopharmaceutical company’s stock worth $19,387,000 after buying an additional 363,730 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in Tesaro during the second quarter worth $23,685,000. Finally, Vanguard Group Inc. increased its stake in Tesaro by 11.0% in the second quarter. Vanguard Group Inc. now owns 2,216,739 shares of the biopharmaceutical company’s stock worth $186,317,000 after buying an additional 219,902 shares during the last quarter. 88.81% of the stock is owned by institutional investors and hedge funds.
TESARO, Inc is an oncology-focused biopharmaceutical company. The Company acquires, in-licenses and develops oncology product candidates. It operates in business of developing and commercializing oncology-focused therapeutics segment. It has in-licensed and are developing oncology-related product candidates, including intravenous (IV) rolapitant and niraparib, as well as product candidates under its immuno-oncology platform.
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