Alpha Tau Medical (NASDAQ:DRTS) Shares Gap Up – Here’s Why

Alpha Tau Medical Ltd. (NASDAQ:DRTS)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $7.31, but opened at $7.48. Alpha Tau Medical shares last traded at $7.4250, with a volume of 60,496 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $5.00 price target on shares of Alpha Tau Medical in a research note on Wednesday, March 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alpha Tau Medical in a research note on Wednesday, January 21st. HC Wainwright reissued a “buy” rating and issued a $12.00 price target on shares of Alpha Tau Medical in a research note on Tuesday, March 10th. Citigroup raised their price objective on shares of Alpha Tau Medical from $7.00 to $9.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Finally, Zacks Research raised shares of Alpha Tau Medical from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Two 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 company. According to data from MarketBeat.com, Alpha Tau Medical currently has a consensus rating of “Hold” and a consensus price target of $8.67.

Alpha Tau Medical Price Performance

The stock’s 50-day moving average is $7.20 and its 200-day moving average is $5.25. The company has a quick ratio of 7.45, a current ratio of 7.45 and a debt-to-equity ratio of 0.08. The firm has a market cap of $617.49 million, a P/E ratio of -13.74 and a beta of 1.02.

Alpha Tau Medical (NASDAQ:DRTS) last issued its quarterly earnings results on Monday, March 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). As a group, equities analysts anticipate that Alpha Tau Medical Ltd. will post -0.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Trifecta Capital Advisors LLC bought a new stake in shares of Alpha Tau Medical in the 4th quarter worth about $48,000. Envestnet Asset Management Inc. bought a new stake in Alpha Tau Medical during the 3rd quarter worth about $62,000. Bank of America Corp DE lifted its holdings in Alpha Tau Medical by 2,779.1% in the third quarter. Bank of America Corp DE now owns 22,457 shares of the company’s stock valued at $101,000 after buying an additional 21,677 shares during the period. Wells Fargo & Company MN grew its stake in shares of Alpha Tau Medical by 291.7% during the fourth quarter. Wells Fargo & Company MN now owns 23,500 shares of the company’s stock worth $116,000 after purchasing an additional 17,500 shares during the period. Finally, Millennium Management LLC acquired a new stake in Alpha Tau Medical in the third quarter worth $170,000. 2.65% of the stock is currently owned by institutional investors and hedge funds.

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.