Turnstone Biologics (NASDAQ:TSBX) Rating Lowered to Neutral at Bank of America

Turnstone Biologics (NASDAQ:TSBX) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. They currently have a $0.50 price target on the stock, down from their prior price target of $10.00. Bank of America‘s target price would indicate a potential upside of 10.47% from the company’s current price.

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

Turnstone Biologics Stock Performance

TSBX stock opened at $0.45 on Monday. The firm has a market cap of $10.47 million, a P/E ratio of -0.04 and a beta of 2.26. Turnstone Biologics has a 12-month low of $0.44 and a 12-month high of $5.75. The stock’s 50 day simple moving average is $0.82 and its 200 day simple moving average is $2.05.

Turnstone Biologics (NASDAQ:TSBX) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.08). On average, research analysts forecast that Turnstone Biologics will post -3.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Turnstone Biologics

Large investors have recently added to or reduced their stakes in the stock. Sei Investments Co. acquired a new stake in Turnstone Biologics in the second quarter worth $31,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Turnstone Biologics in the first quarter worth $111,000. Finally, Zimmer Partners LP grew its stake 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 worth $469,000 after purchasing an additional 130,826 shares in the last quarter. 52.51% of the stock is owned by institutional investors and hedge funds.

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.