Protara Therapeutics (NASDAQ:TARA) Stock Falls 5.3% – Here’s Why

Protara Therapeutics, Inc. (NASDAQ:TARA) shares traded down 5.3% during trading on Wednesday. The stock traded as low as $2.47 and last traded at $2.48. Approximately 701,413 shares were traded during trading, a decline of 61% from the average daily volume of 1,806,964 shares. The stock had previously closed at $2.62.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TARA shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Protara Therapeutics in a research report on Friday, July 17th. Wall Street Zen raised Protara Therapeutics from a “strong sell” rating to a “sell” rating in a report on Saturday, September 5th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Protara Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $26.25.

Protara Therapeutics Price Performance

The firm has a market capitalization of $146.57 million, a price-to-earnings ratio of -1.84 and a beta of 1.47. The business’s 50 day moving average price is $3.56 and its 200-day moving average price is $4.20.

Protara Therapeutics (NASDAQ:TARA) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.03). As a group, analysts expect that Protara Therapeutics, Inc. will post -1.40 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Protara Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LP purchased a new position in Protara Therapeutics in the second quarter worth $41,000. Squarepoint Ops LLC acquired a new stake in Protara Therapeutics in the second quarter valued at $69,000. The Manufacturers Life Insurance Company lifted its holdings in Protara Therapeutics by 22.2% in the first quarter. The Manufacturers Life Insurance Company now owns 13,548 shares of the company’s stock valued at $71,000 after acquiring an additional 2,464 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Protara Therapeutics in the second quarter valued at $113,000. Finally, WINTON GROUP Ltd lifted its holdings in Protara Therapeutics by 16.7% in the second quarter. WINTON GROUP Ltd now owns 32,800 shares of the company’s stock valued at $125,000 after acquiring an additional 4,700 shares during the period. Institutional investors and hedge funds own 38.13% of the company’s stock.

About Protara Therapeutics

Protara Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for cancer and rare diseases. The company’s work centers on investigational treatments intended to address conditions with significant unmet medical needs.

Protara’s lead product candidate is TARA-002, an investigational cell-based therapy derived from OK-432, a preparation based on a strain of Streptococcus pyogenes. The company is developing TARA-002 for non-muscle-invasive bladder cancer, a form of bladder cancer that has not invaded the bladder muscle, and for lymphatic malformations, rare abnormalities of the lymphatic system.

Protara conducts its research and clinical development activities primarily in the United States.