Tetraphase Pharmaceuticals Inc (NASDAQ: TTPH) was one of the top gainers in yesterday’s trading session. The stock rallied by 50% to close the day at $3.60. This followed a positive rating by 10 rating firms. Seven of them had a consensus of, “buy” rating for this stock, while three of them have recommended it as a “hold” stock.
This consensus buy rating and breakout came over a month after the company announced its Q3 results in which, revenues beat investor expectations. The company reported revenues of $3.34 million, beating consensus estimates by 115.48%. These revenue numbers also meant that, the company had beaten revenue estimates for four quarters in a row.
While announcing Q3 results, the company stated that, it had recorded progress in the launch of XERAVA in American hospitals. It noted that, there was an increase in uptake, and that of all the formulary sold, there was a 99% success in the reviews provided. The company also added that, its sales team would focus on taking XERAVA to tier one and tier two institutions, since they have a high number of antibiotic users.
On top of that, the company announced that, it had recorded strong growth in reorder rates. It noted that, the reorder rate stood at 57% for all its accounts and a high of 70% for top-tier institutions. The company also noted that, XERAVA was available at over 1000 accounts, and that about 154 formulary reviews will happen in Q4 of 2019.
The company also announced that, it had completed equity financing totaling to a net of $7 million. This followed the successful completion of a direct offering, targeting healthcare-oriented investors, for 300k shares of the company’s stock.
Going by its price action, TTPH is in a breakout. In yesterday’s session, the stock traded between a low of $2.50 and a high of $3.88, before closing the day at $3.60. Volumes in the day stood at 1.38 million.
About Tetraphase Pharmaceuticals Inc
Tetraphase Pharmaceuticals Inc is a biopharma company that develops antibiotics for life-threatening diseases. It is based in Watertown, Massachusetts.