Zacks Investment Research Downgrades TCR2 Therapeutics (NASDAQ:TCRR) to Sell

TCR2 Therapeutics (NASDAQ:TCRR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “TCR2 Therapeutics Inc. is a clinical-stage immunotherapy company developing T cell therapies for patients suffering from cancer. Its product candidate includes TC-210, TC-220, TC-410, TC-110 and TC-310 which are in clinical stage. TCR2 Therapeutics Inc. is based in Cambridge, Massachusetts. “

TCRR has been the subject of several other research reports. Piper Sandler raised their target price on TCR2 Therapeutics from $35.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, December 14th. Roth Capital raised their target price on TCR2 Therapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Monday, November 30th. ValuEngine downgraded TCR2 Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, October 1st. BMO Capital Markets raised their target price on TCR2 Therapeutics from $46.00 to $65.00 in a research note on Monday, December 14th. Finally, BidaskClub raised TCR2 Therapeutics from a “hold” rating to a “buy” rating in a report on Wednesday, December 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $36.88.

TCRR stock opened at $33.99 on Tuesday. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -13.93 and a beta of 1.89. TCR2 Therapeutics has a fifty-two week low of $5.84 and a fifty-two week high of $35.86. The stock has a fifty day moving average of $30.15 and a 200-day moving average of $21.98.

TCR2 Therapeutics (NASDAQ:TCRR) last issued its earnings results on Thursday, November 12th. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.04). On average, analysts predict that TCR2 Therapeutics will post -2.35 EPS for the current fiscal year.

In related news, insider Robert Hofmeister sold 20,000 shares of the firm’s stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $19.10, for a total transaction of $382,000.00. Following the transaction, the insider now directly owns 58,850 shares of the company’s stock, valued at approximately $1,124,035. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mayur Ian Somaiya sold 3,666 shares of the firm’s stock in a transaction dated Tuesday, November 17th. The shares were sold at an average price of $30.00, for a total value of $109,980.00. Following the transaction, the chief financial officer now directly owns 5,139 shares in the company, valued at $154,170. The disclosure for this sale can be found here. Company insiders own 27.99% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE grew its position in shares of TCR2 Therapeutics by 108.4% in the 2nd quarter. Bank of America Corp DE now owns 7,253 shares of the company’s stock worth $111,000 after buying an additional 3,773 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in shares of TCR2 Therapeutics by 821.9% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,011 shares of the company’s stock worth $122,000 after buying an additional 5,359 shares during the last quarter. American International Group Inc. grew its position in shares of TCR2 Therapeutics by 43.7% in the 2nd quarter. American International Group Inc. now owns 9,962 shares of the company’s stock worth $153,000 after buying an additional 3,028 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in shares of TCR2 Therapeutics in the 2nd quarter worth approximately $256,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of TCR2 Therapeutics by 37.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 14,603 shares of the company’s stock worth $297,000 after buying an additional 3,959 shares during the last quarter. 45.52% of the stock is currently owned by institutional investors.

TCR2 Therapeutics Company Profile

TCR2 Therapeutics Inc, a clinical-stage immunotherapy company, develops novel T cell receptor therapies for patients suffering from cancer. The company's lead product candidates include TC-210, mono TCR Fusion Construct T cells (TRuC-T cells) targeting mesothelin positive solid tumors, which initiated in phase I/II clinical trial for the treatment of non-small cell lung cancer (NSCLC), ovarian cancer, malignant pleural/peritoneal mesothelioma, and cholangiocarcinoma; and TC-110 a TRuC-T cell targeting CD19-positive B-Cell hematological malignancies.

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