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

Bank of America cut shares of Turnstone Biologics (NASDAQ:TSBX) from a buy rating to a neutral rating in a research note released on Monday morning, MarketBeat Ratings reports. The firm currently has $0.50 price objective on the stock, down from their previous price objective of $10.00.

Separately, Piper Sandler decreased their target price on shares of 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 Price Performance

NASDAQ:TSBX opened at $0.47 on Monday. The firm has a market cap of $10.87 million, a price-to-earnings ratio of -0.13 and a beta of 2.26. Turnstone Biologics has a 1-year low of $0.44 and a 1-year high of $5.75. The firm’s fifty day moving average price is $0.79 and its 200 day moving average price is $2.04.

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). As a group, analysts expect that Turnstone Biologics will post -3.9 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Sei Investments Co. purchased a new stake in shares of Turnstone Biologics in the second quarter valued at $31,000. Kathleen S. Wright Associates Inc. purchased a new stake in Turnstone Biologics during the 1st quarter worth about $111,000. Finally, Zimmer Partners LP raised its stake in Turnstone Biologics by 271.4% in the 1st 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 last quarter. Hedge funds and other institutional investors own 52.51% of the company’s stock.

Turnstone Biologics Company Profile

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.