Alpha Tau Medical (NASDAQ:DRTS) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Alpha Tau Medical (NASDAQ:DRTS) announced its earnings results on Monday. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01), Zacks reports.

Alpha Tau Medical Stock Performance

Shares of Alpha Tau Medical stock traded up $0.04 on Tuesday, hitting $6.75. 65,977 shares of the company traded hands, compared to its average volume of 396,148. Alpha Tau Medical has a 52 week low of $2.30 and a 52 week high of $8.60. The business has a 50-day simple moving average of $6.94 and a 200 day simple moving average of $5.07. The stock has a market capitalization of $572.11 million, a P/E ratio of -12.97 and a beta of 1.02.

Analyst Upgrades and Downgrades

Several research firms have recently commented on DRTS. Zacks Research upgraded Alpha Tau Medical from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Citigroup decreased their price objective on Alpha Tau Medical from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, December 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Alpha Tau Medical in a research note on Wednesday, January 21st. HC Wainwright reaffirmed a “buy” rating on shares of Alpha Tau Medical in a report on Wednesday, December 10th. Finally, Piper Sandler restated a “neutral” rating and set a $5.00 price objective on shares of Alpha Tau Medical in a research report on Wednesday, March 4th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Alpha Tau Medical currently has an average rating of “Hold” and an average target price of $7.00.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DRTS. Envestnet Asset Management Inc. purchased a new stake in shares of Alpha Tau Medical in the third quarter worth about $62,000. Bank of America Corp DE increased its holdings in shares of 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 buying an additional 21,677 shares during the last quarter. Millennium Management LLC bought a new stake in Alpha Tau Medical during the third quarter worth approximately $170,000. Mariner LLC lifted its position in Alpha Tau Medical by 185.8% in the third quarter. Mariner LLC now owns 123,250 shares of the company’s stock worth $556,000 after buying an additional 80,129 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Alpha Tau Medical by 291.7% in the 4th quarter. Wells Fargo & Company MN now owns 23,500 shares of the company’s stock worth $116,000 after acquiring an additional 17,500 shares during the last quarter. Hedge funds and other 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.