Alpha Tau Medical (NASDAQ:DRTS) Shares Down 6.2% – Here’s Why

Alpha Tau Medical Ltd. (NASDAQ:DRTS) dropped 6.2% on Friday . The stock traded as low as $7.00 and last traded at $7.20. Approximately 185,682 shares changed hands during trading, a decline of 66% from the average daily volume of 548,826 shares. The stock had previously closed at $7.68.

Analyst Ratings Changes

Several analysts have recently issued reports on DRTS shares. Wall Street Zen upgraded Alpha Tau Medical to a “sell” rating in a research note on Saturday, November 1st. Citigroup decreased their target price on Alpha Tau Medical from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, December 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alpha Tau Medical in a report on Wednesday, October 8th. Finally, HC Wainwright restated a “buy” rating on shares of Alpha Tau Medical in a research note on Wednesday, December 10th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $8.00.

Alpha Tau Medical Price Performance

The company has a market capitalization of $610.70 million, a price-to-earnings ratio of -13.87 and a beta of 1.04. The business has a fifty day moving average price of $4.76 and a 200 day moving average price of $3.99.

Alpha Tau Medical (NASDAQ:DRTS) last released its earnings results on Thursday, November 20th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02). As a group, sell-side analysts predict that Alpha Tau Medical Ltd. will post -0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alpha Tau Medical

Several institutional investors have recently bought and sold shares of the business. Mariner LLC grew its holdings in shares of Alpha Tau Medical by 185.8% during the third quarter. Mariner LLC now owns 123,250 shares of the company’s stock worth $556,000 after purchasing an additional 80,129 shares during the last quarter. Millennium Management LLC acquired a new position in Alpha Tau Medical during the 3rd quarter worth about $170,000. Bank of America Corp DE grew its holdings in Alpha Tau Medical by 2,779.1% during the 3rd quarter. Bank of America Corp DE now owns 22,457 shares of the company’s stock worth $101,000 after acquiring an additional 21,677 shares during the last quarter. Envestnet Asset Management Inc. acquired a new stake in Alpha Tau Medical in the 3rd quarter valued at about $62,000. Finally, Levin Capital Strategies L.P. increased its position in Alpha Tau Medical by 6.3% in the 3rd quarter. Levin Capital Strategies L.P. now owns 204,714 shares of the company’s stock valued at $923,000 after acquiring an additional 12,200 shares in the last quarter. Institutional investors own 2.65% of the company’s stock.

Alpha Tau Medical Company Profile

Alpha Tau Medical Ltd. is a medical technology company headquartered in Ness Ziona, Israel, focused on developing targeted alpha-radiation therapies for the treatment of solid tumors. The company’s core innovation, known as Diffusing Alpha-emitters Radiation Therapy (DaRT), employs short-lived radioactive isotopes to deliver high-energy alpha particles directly within or adjacent to tumor tissues. By harnessing the potent cytotoxic effects of alpha radiation, Alpha Tau Medical aims to offer a novel approach to brachytherapy that can potentially overcome radioresistance and spare surrounding healthy tissue.

The company’s lead product, Alpha DaRT, is currently being evaluated in clinical studies for a range of indications including recurrent or metastatic head and neck cancers, skin cancers, and other solid tumors.