Alpha Tau Medical (NASDAQ:DRTS) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of Alpha Tau Medical (NASDAQ:DRTS) from a hold rating to a strong sell rating in a research report sent to investors on Monday morning,Zacks.com reports.

A number of other equities research analysts also recently commented on the company. HC Wainwright reissued a “buy” rating on shares of Alpha Tau Medical in a report on Wednesday, December 10th. Wall Street Zen upgraded shares of Alpha Tau Medical to a “sell” rating in a report on Saturday, November 1st. Citigroup decreased their price objective on shares of Alpha Tau Medical from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, December 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alpha Tau Medical in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Alpha Tau Medical presently has an average rating of “Hold” and an average target price of $8.00.

Alpha Tau Medical Stock Down 9.3%

Shares of NASDAQ:DRTS opened at $6.46 on Monday. Alpha Tau Medical has a 52 week low of $2.30 and a 52 week high of $7.89. The company has a 50-day moving average price of $4.94 and a 200 day moving average price of $4.08. The company has a market cap of $547.94 million, a P/E ratio of -12.42 and a beta of 1.04.

Alpha Tau Medical (NASDAQ:DRTS) last issued its earnings results on Thursday, November 20th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). Analysts expect that Alpha Tau Medical will post -0.45 EPS for the current year.

Hedge Funds Weigh In On Alpha Tau Medical

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

About Alpha Tau Medical

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.