Turnstone Biologics (NASDAQ:TSBX) Downgraded to Underperform Rating by Bank of America

Bank of America downgraded shares of Turnstone Biologics (NASDAQ:TSBX) from a neutral rating to an underperform rating in a research report released on Friday, MarketBeat.com reports.

Separately, Piper Sandler dropped their price objective on Turnstone Biologics from $20.00 to $3.75 and set an “overweight” rating for the company in a research note on Monday, August 19th.

Turnstone Biologics Price Performance

TSBX stock traded down $0.04 during trading hours on Friday, reaching $0.49. The stock had a trading volume of 142,833 shares, compared to its average volume of 230,237. Turnstone Biologics has a fifty-two week low of $0.44 and a fifty-two week high of $5.75. The stock has a 50-day simple moving average of $0.54 and a 200 day simple moving average of $1.67. The stock has a market capitalization of $11.34 million, a PE ratio of -0.15 and a beta of 2.21.

Turnstone Biologics (NASDAQ:TSBX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.74) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.13. On average, sell-side analysts forecast that Turnstone Biologics will post -3.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Turnstone Biologics

Several institutional investors have recently made changes to their positions in the company. Zimmer Partners LP grew its position in shares of Turnstone Biologics by 271.4% in the first quarter. Zimmer Partners LP now owns 179,026 shares of the company’s stock valued at $469,000 after purchasing an additional 130,826 shares during the period. Sei Investments Co. purchased a new position in Turnstone Biologics in the second quarter valued at approximately $31,000. Finally, FMR LLC grew its position in Turnstone Biologics by 3.3% during the 3rd quarter. FMR LLC now owns 1,172,987 shares of the company’s stock worth $653,000 after purchasing an additional 37,738 shares during the last quarter. Hedge funds and other institutional investors own 52.51% of the company’s stock.

About Turnstone Biologics

Turnstone Biologics Corp., a clinical stage biotechnology company, focuses on developing medicines to treat and cure patients with solid tumors. The company's lead product includes TIDAL-01 that is in Phase 1 clinical trials for the treatment of breast cancer, colorectal cancer, head and neck cancer and uveal melanoma, as well as an investigator sponsored trials to treat colorectal cancer, head and neck cancer, and cutaneous and non-cutaneous melanomas.