Protara Therapeutics (NASDAQ:TARA) Announces Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Protara Therapeutics (NASDAQ:TARA) issued its quarterly earnings data on Wednesday. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.05, FiscalAI reports.

Protara Therapeutics Stock Down 2.9%

Protara Therapeutics stock traded down $0.16 during trading hours on Friday, hitting $5.15. 465,471 shares of the company traded hands, compared to its average volume of 943,137. The firm’s 50-day simple moving average is $5.29 and its two-hundred day simple moving average is $5.70. The firm has a market cap of $283.28 million, a P/E ratio of -3.82 and a beta of 1.53. Protara Therapeutics has a 1-year low of $2.77 and a 1-year high of $7.82.

Insider Activity

In other news, insider Jacqueline Zummo sold 22,598 shares of Protara Therapeutics stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $5.26, for a total value of $118,865.48. Following the transaction, the insider owned 95,961 shares of the company’s stock, valued at $504,754.86. The trade was a 19.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 7.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Protara Therapeutics

Hedge funds have recently made changes to their positions in the business. HRT Financial LP acquired a new position in shares of Protara Therapeutics in the 4th quarter worth approximately $193,000. Bridgeway Capital Management LLC grew its stake in shares of Protara Therapeutics by 49.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 59,830 shares of the company’s stock worth $181,000 after purchasing an additional 19,830 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Protara Therapeutics by 8.2% in the 3rd quarter. Rhumbline Advisers now owns 34,137 shares of the company’s stock worth $148,000 after purchasing an additional 2,596 shares during the last quarter. Deutsche Bank AG acquired a new position in shares of Protara Therapeutics in the 4th quarter worth approximately $134,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Protara Therapeutics in the 4th quarter worth approximately $117,000. Institutional investors and hedge funds own 38.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. JPMorgan Chase & Co. lowered their target price on shares of Protara Therapeutics from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Protara Therapeutics in a research note on Tuesday, April 21st. TD Cowen reissued a “buy” rating on shares of Protara Therapeutics in a research note on Tuesday, March 10th. Finally, HC Wainwright raised their target price on shares of Protara Therapeutics from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Protara Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $24.50.

About Protara Therapeutics

Protara Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing novel immunotherapies for virus-driven cancers. The company’s primary areas of research include human papillomavirus (HPV)–associated malignancies, where it seeks to harness and enhance the body’s immune response to target tumor cells. Protara’s therapeutic strategy combines antigen-specific vaccination approaches with modulators of T-cell activation to improve clinical outcomes in patients with HPV-mediated disease.

Protara’s lead immunotherapy candidate is PTX-35, an investigational monoclonal antibody designed to agonize OX40, a co-stimulatory receptor on T cells.