Protara Therapeutics (NASDAQ:TARA) Trading 0.8% Higher – Here’s Why

Protara Therapeutics, Inc. (NASDAQ:TARA) shares traded up 0.8% during mid-day trading on Tuesday . The company traded as high as $2.74 and last traded at $2.61. 262,497 shares changed hands during trading, an increase of 20% from the average session volume of 219,127 shares. The stock had previously closed at $2.59.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Oppenheimer reduced their price objective on shares of Protara Therapeutics from $30.00 to $25.00 and set an “outperform” rating on the stock in a research report on Monday, August 12th. HC Wainwright reiterated a “buy” rating and issued a $23.00 price target on shares of Protara Therapeutics in a report on Thursday, August 8th.

Protara Therapeutics Stock Performance

The company has a market capitalization of $53.84 million, a P/E ratio of -0.82 and a beta of 1.77. The firm’s fifty day moving average is $1.95 and its 200 day moving average is $2.30.

Protara Therapeutics (NASDAQ:TARA) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.45) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.37. On average, analysts forecast that Protara Therapeutics, Inc. will post -2.96 EPS for the current year.

Insider Activity

In other news, major shareholder Opaleye Management Inc. sold 36,492 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $1.89, for a total transaction of $68,969.88. Following the transaction, the insider now directly owns 54,600 shares of the company’s stock, valued at approximately $103,194. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 12.50% of the company’s stock.

Hedge Funds Weigh In On Protara Therapeutics

Several institutional investors have recently bought and sold shares of the business. CVI Holdings LLC bought a new stake in Protara Therapeutics during the second quarter valued at about $630,000. Armistice Capital LLC purchased a new stake in shares of Protara Therapeutics during the second quarter valued at about $1,082,000. Marshall Wace LLP bought a new stake in shares of Protara Therapeutics in the 2nd quarter valued at about $161,000. Renaissance Technologies LLC grew its position in shares of Protara Therapeutics by 77.8% in the 2nd quarter. Renaissance Technologies LLC now owns 150,400 shares of the company’s stock worth $313,000 after buying an additional 65,800 shares during the last quarter. Finally, Ikarian Capital LLC raised its stake in shares of Protara Therapeutics by 7.4% during the 1st quarter. Ikarian Capital LLC now owns 202,701 shares of the company’s stock worth $813,000 after acquiring an additional 14,037 shares in the last quarter. 38.13% of the stock is owned by hedge funds and other institutional investors.

About Protara Therapeutics

Protara Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in advancing transformative therapies for the treatment of cancer and rare diseases. The company's lead program is TARA-002, an investigational cell therapy, which is in Phase II clinical trial for the treatment of non-muscle invasive bladder cancer and lymphatic malformations.