Tarsus Pharmaceuticals, Inc. (TARS) Stock Price & Analysis
Tarsus Pharmaceuticals, Inc. (TARS) closed at USD 72.05 on Wednesday, October 28, 2026, up 1.82% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 70.76; the Oct 28, 2026 session ranged USD 69.5–72.44 on volume of 398,079 shares. Market capitalization is $3.37B, with a 52-week range of USD 53.89–91.53 (NMS). Source: Nexqual, retrieved October 29, 2026 at 09:20 UTC.
Also available as compact Markdown for AI agents: nexqual.com/TARS.md
Key facts (TARS)
- Last four reported quarters (through Jun 30, 2026): revenue $606M, net income -$46.5M (-7.7% margin), free cash flow $56.0M (SEC filings).
- Analysts: Buy (mean 1.90 on a 1–5 scale) (10 analysts), mean target USD 99.56 (range 84–116).
- Total return with dividends: 1Y +6.7% vs S&P 500 +13.6%; 5Y +159.6% vs S&P 500 +79.8%.
- Next earnings: 2026-11-04, EPS estimate USD -1.77, revenue estimate $191M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (TARS)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $57.0M | $25.8M | $17.4M | $183M | $451M | $606M |
| Operating income | -$12.2M | -$62.7M | -$143M | -$121M | -$71.0M | -$48.5M |
| Net income | -$13.8M | -$62.1M | -$136M | -$116M | -$66.4M | -$46.5M |
| EPS (diluted) | -$0.67 | -$2.52 | -$4.62 | -$3.07 | -$1.59 | — |
| Free cash flow | $3.2M | -$49.5M | -$119M | -$84.6M | -$22.3M | $56.0M |
| Operating margin | -21.3% | -242.9% | -820.5% | -65.9% | -15.7% | -8.0% |
| Net margin | -24.2% | -240.5% | -778.9% | -63.2% | -14.7% | -7.7% |
| Revenue growth | — | -54.7% | -32.4% | +948.6% | +146.7% | — |
| Cash + short-term investments | $172M | $217M | $227M | $291M | $417M | — |
| Total debt | $0K | $19.4M | $29.8M | $71.8M | $72.4M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (TARS)
P/S 5.6x · EV/Sales 4.9x · P/FCF 60.2x · P/B 9.7x · FCF yield 1.66% · Earnings yield -1.38% · Net cash $377M · EV $2.99B
Analysts (TARS)
Consensus Buy (mean 1.90 on a 1–5 scale), 10 analysts; mean target USD 99.56 (low 84, high 116).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-08 | Jefferies | Target raised | Buy | $88 → $105 |
| 2026-08-12 | Oppenheimer | Target raised | Outperform | $97 → $100 |
| 2026-07-31 | Mizuho | Target lowered | Outperform | $100 → $98 |
| 2026-07-21 | Guggenheim | Target lowered | Buy | $90 → $89 |
| 2026-07-09 | HC Wainwright & Co. | Reiterated | Buy | $88 |
Total return (dividends reinvested) (TARS)
| 1Y (from 2025-10-29) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | +6.7% | +159.6% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +6.7% | +21.0% |
| Volatility (annualized) | 44.8% | 61.1% |
| Max drawdown | -32.0% (Dec 2025→Jul 2026) | -60.2% (Nov 2021→May 2022) |
TARS earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | −$0.43 | −$0.20 | Miss −115.0% | +5.7% |
| May 6, 2026 | Quarter ended Mar 31, 2026 | −$0.16 | −$0.42 | Beat +61.9% | -1.7% |
| Feb 23, 2026 | Quarter ended Dec 31, 2025 | −$0.20 | $0.01 | Miss −$0.21 | +12.6% |
| Nov 4, 2025 | Quarter ended Sep 30, 2025 | −$0.30 | −$0.33 | Beat +9.1% | -2.3% |
| Aug 6, 2025 | — | — | — | — | +16.5% |
| May 1, 2025 | — | — | — | — | -8.8% |
| Feb 25, 2025 | — | — | — | — | -6.5% |
| Nov 13, 2024 | — | — | — | — | -1.9% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
TARS recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Oct 13, 2026 | 8-K/A | Current report |
| Sep 10, 2026 | 8-K | Completed an acquisition or sale of assets; Other material event “On September 4, 2026 (the "Closing Date"), Tarsus Pharmaceuticals, Inc. (the "Company") completed its previously announced acquisition of Alkeus Pharmaceuticals, Inc., a Delaware corporation ("Alkeus"), pursuant to that certain Agreement and Plan of Merger, dated as of July 31, 2026 (the "Merger Agreement"), by and among the Company, Alkeus, Apex 2026 Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Company ("Merger Sub"), and Shareholder Representative Services LLC, a Colorado limited…” |
| Aug 13, 2026 | Schedule 13G/A | JANUS HENDERSON GROUP Ltd.: 6.5% of shares, passive 5%+ holder (amended) |
| Aug 6, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 6, 2026 | 8-K | Quarterly results |
| Aug 6, 2026 | 8-K | Entered a material agreement; Unregistered sale of shares; Other material event “On August 5, 2026, Tarsus Pharmaceuticals, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with a syndicate of existing and new healthcare investors (the "Investors") for a private placement of: (i) 2,098,519 shares (the "Initial Shares") of common stock, par value $0.0001 per share (the "Common Stock"), of the Company, at a purchase price of $56.00 per share; and (ii) pre-funded warrants (the "Pre-Funded Warrants" and, together with the Initial Shares, the…” |
| Aug 6, 2026 | 8-K | Entered a material agreement; Unregistered sale of shares; Other material event “Merger Agreement On July 31, 2026, Tarsus Pharmaceuticals, Inc. (the "Company") entered into an Agreement and Plan of Merger (the "Merger Agreement") with Alkeus Pharmaceuticals, Inc., a Delaware corporation ("Alkeus"), Apex 2026 Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Company ("Merger Sub"), and Shareholder Representative Services LLC, as the securityholders' representative. Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified…” |
| Jul 13, 2026 | 8-K | Director or executive officer change, or pay arrangement “On July 13, 2026, Tarsus Pharmaceuticals, Inc. (the "Company") announced that Aziz Mottiwala would be leaving his role as the Company's Chief Commercial Officer and leaving his employment with the Company on July 15, 2026, to pursue a new opportunity as Chief Executive Officer of a public medical device company.” |
| Jul 8, 2026 | 8-K | Entered a material agreement; Unregistered sale of shares; Other material event “On July 6, 2026, Tarsus Pharmaceuticals, Inc. (the "Company") entered into an Agreement and Plan of Merger (the "Merger Agreement") with iRenix Medical, Inc., a Delaware corporation ("iRenix"), Dolores Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Company ("Merger Sub") and Fortis Advisors LLC, as the securityholders' representative (the "Securityholders' Representative"). Pursuant to the Merger Agreement, on July 6, 2026, Merger Sub merged with and into iRenix (the "Merger"), with…” |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
TARS revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product sales, net | $173.9M | 100.0% | +69.4% |
| Total revenue | $173.9M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
TARS suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Tiergesundheit | “We utilize the intellectual property licensed under the Eye and Derm Elanco Agreement in our TP-03 and TP-04 product candidates.” |
| Partner | Xi An Grand Chang An Pharmaceutical | “Apart from the development and license agreement (the "China Out-License") with Xi An Grand Chang An Pharmaceutical Co., Ltd. ("GrandPharma") of TP-03 for the potential treatment of Demodex blepharitis and MGD within the China Territory, as described below within License Agreements: GrandPharma Agreement, we have retained our rights globally to all of our indications for use in humans, including for XDEMVY and TP-…” |
| Partner | LianBio Ophthalmology | “In March 2024, we executed an agreement with GrandPharma and LianBio to transition these rights to GrandPharma.” |
| Partner | Pfizer (PFE) | “We are aware of vaccines currently under development including a multivalent recombinant protein vaccine, VLA-15, being developed by Valneva in partnership with Pfizer for Lyme disease; mRNA-based vaccine mRNA-1982/1975, being developed by Moderna and eliciting high levels of anti-OspA antibodies; a pre-exposure prophylaxis injectable therapy being developed by MassBiologics and licensed to Tonix Pharmaceuticals i…” |
| Partner | Moderna (MRNA) | “We are aware of vaccines currently under development including a multivalent recombinant protein vaccine, VLA-15, being developed by Valneva in partnership with Pfizer for Lyme disease; mRNA-based vaccine mRNA-1982/1975, being developed by Moderna and eliciting high levels of anti-OspA antibodies; a pre-exposure prophylaxis injectable therapy being developed by MassBiologics and licensed to Tonix Pharmaceuticals i…” |
| Partner | Hercules Capital, Inc. (HTGC) | “The Company has funded its inception-to-date operations through the Initial Public Offering ("IPO"), subsequent follow-on public offerings, and the 2023 ATM Prospectus, as well as from proceeds from product sales, the development and license agreement (the "China Out-License"), and draws on the current loan and security agreement (the "2024 Credit Facility") with Pharmakon Advisors, LP ("Pharmakon") and the previo…” |
Quoted from the company's 10-K filed Feb 23, 2026.
Companies that name TARS in their SEC reports
| Relationship to TARS | Company | Filing | Sentence |
|---|---|---|---|
| partner | Elanco Animal Health Inc (ELAN) | 10-K Feb 24, 2026 | “Pursuant to the PSA, we received a cash payment of $295 million from Blackstone for the rights to the proceeds from (a) the future royalties we are owed from net sales in the U.S. of XDEMVY® (lotilaner ophthalmic solution) 0.25%, a medical treatment for Demodex blepharitis in humans, by Tarsus Pharmaceuticals, Inc. (Tarsus) and (b) certain future sales milestone payments we are owed based on global net sales of XD…” |
TARS customer concentration
In the period ended Jun 30, 2026, a single direct customer accounted for 66.4% of revenue, per the company's 10-Q filed Aug 6, 2026. The company does not name it.
TARS analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-1.77 | $-1.83 | +$0.06 | $190.8M | 3 |
| Next quarter (ends Dec 2026) | $-4.82 | $-0.07 | −$4.75 | $210.9M | 2 |
| Current fiscal year (ends Dec 2026) | $-5.79 | $-2.25 | −$3.54 | $736.9M | 3 |
| Next fiscal year (ends Dec 2027) | $-0.50 | $1.66 | −$2.16 | $920.0M | 3 |
TARS options: expected move
Options price a move of about ±18.1% (±$13.00) by Nov 20, 2026, which includes earnings on Nov 4, 2026. Over the last 8 reports the stock moved ±7% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 22 | 90.0% | ±18.1% |
| Dec 18, 2026 | 50 | 66.8% | ±20.0% |
| Jan 15, 2027 | 78 | 57.8% | ±21.6% |
| Mar 19, 2027 | 141 | 55.1% | ±27.4% |
| Apr 16, 2027 | 169 | 52.4% | ±28.3% |
30-day implied volatility 78.5% vs 39.2% realized over the last 30 trading days. Put/call ratio (volume) 0.18. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 29, 2026 at 09:20 UTC)
| Price | USD 72.05 |
|---|---|
| Change | ▲ 1.82% (up) |
| Previous Close | USD 70.76 |
| Open | USD 69.61 |
| Day Range | USD 69.5 – 72.44 |
| 52-Week Range | USD 53.89 – 91.53 |
| Volume | 398,079 shares |
| Market Cap | $3.37B |
| Exchange | NMS |
Technical Analysis (TARS)
Nexqual's technical model rates TARS "NEUTRAL" based on 2 bullish and 3 bearish signals across 127 daily candles, as of October 29, 2026 at 09:20 UTC.
| Overall Signal | NEUTRAL |
|---|---|
| RSI (14) | 47.31 (neutral) |
| vs SMA50 | Below (USD 75.08) |
| MACD | -1.23 (negative) |
Analyst Ratings (TARS)
Wall Street analysts rate TARS "Buy" based on 10 analysts, with a mean price target of USD 99.56 (range USD 84–116), per Nexqual as of October 29, 2026 at 09:20 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 10 |
| Mean Target | USD 99.56 |
| High Target | USD 116 |
| Low Target | USD 84 |
| Buy / Hold / Sell | 10 / 0 / 0 |
Earnings (TARS)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD -1.77 |
| Revenue Estimate | $190.78M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.43 vs est -0.2 ▼ miss |
| 2026-03-31 | USD -0.16 vs est -0.42 ▲ beat |
| 2025-12-31 | USD -0.2 vs est 0.01 ▼ miss |
| 2025-09-30 | USD -0.3 vs est -0.33 ▲ beat |
Source: Nexqual, October 29, 2026 at 09:20 UTC.
Financials & Fundamentals (TARS)
| Total Revenue | $606.33M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +69.40% |
| Gross Margin | +82.67% |
| Operating Margin | -11.45% |
| Profit Margin | -7.66% |
| ROE | -13.68% |
| Debt / Equity | 0.26 |
| Current Ratio | 3.2 |
| Total Cash | $449.69M |
| Total Debt | $88.81M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $56.00M (9.2% of revenue) |
Source: Nexqual, October 29, 2026 at 09:20 UTC.
Financial Health Score (TARS)
Nexqual rates Tarsus Pharmaceuticals, Inc.'s overall financial health "Solid" across five dimensions, as of October 29, 2026 at 09:20 UTC.
| Growth | Strong — Revenue +147% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 83%, operating -8% (last 12 months) |
| Balance Sheet | Strong — $450M cash and investments vs $73M debt (Jun 2026, SEC), net cash |
| Cash Flow | Solid — FCF $56M (last 4 quarters to Jun 2026, SEC), 9% margin |
| Efficiency | Critical — ROE -13%, ROA -7.6% (last 4 quarters, SEC) |
Ownership (TARS)
| Insider Ownership | +2.69% |
|---|---|
| Institutional Ownership | +99.22% |
| Shares Outstanding | 46.79M |
| Float | 32.74M |
| Short % of Float | +12.63% |
Source: Nexqual, October 29, 2026 at 09:20 UTC.
Leadership (TARS)
Tarsus Pharmaceuticals, Inc. is led by Bobak R. Azamian, Co-Founder, President, CEO & Chairman, per Nexqual as of October 29, 2026 at 09:20 UTC.
| Co-Founder, President, CEO & Chairman | Bobak R. Azamian |
|---|---|
| Chief Operating Officer | Seshadri Neervannan |
| Vice President of Corporate Communications | Adrienne Kemp |
| Vice President of Marketing | Matthew Rossen |
| Vice President of Sales | Scott Youmans |
Major Backers & Investors (TARS)
Notable institutional backers of Tarsus Pharmaceuticals, Inc. include Deep Track Capital, Lp, RTW Investments LP, Jupiter Topco LLC, according to Nexqual as of October 29, 2026 at 09:20 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Deep Track Capital, Lp | 7.44% |
| RTW Investments LP | 6.81% |
| Jupiter Topco LLC | 5.7% |
| Paradigm Biocapital Advisors LP | 5.63% |
| Morgan Stanley | 3.71% |
| Jennison Associates LLC | 3.37% |
| Tang Capital Management, LLC | 3.18% |
| Millennium Management | 2.89% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 7.82% |
| Vanguard Group | 3.64% |
Source: Nexqual, October 29, 2026 at 09:20 UTC.
From Tarsus Pharmaceuticals, Inc.'s Latest SEC 10-K Filing (filed 2026-02-23)
Key Strengths & Strategy (as disclosed to the SEC)
- We protect our intellectual property rights and proprietary technology with a combination of patent rights that we own or license in certain fields of use, trademark rights, confidentiality procedures and contractual provisions.
- We seek not only to protect our intellectual property rights and proprietary technology in select key global markets, but also to supplement our intellectual property portfolio with new filings and applications to enhance such protection and support commercialization of current and future product candidates.
- Our continuing research and development activities, technical expertise and contractual arrangements supplement our existing intellectual property protection and help us maintain our competitive position, and we rely on trade secrets to protect our proprietary information and technologies, especially where we do not believe patent protection is appropriate or obtainable, or where such patents would be difficult to enforce.
- To address these limitations and high unmet need for effectively treating Demodex blepharitis, we developed and continue to commercialize XDEMVY, which is the definitive standard of care for the treatment of Demodex blepharitis.
Partnerships
- In March 2024, we executed an agreement with GrandPharma and LianBio to transition these rights to GrandPharma.
Legal & Regulatory Risks (Item 1A, quoted)
- Changes in healthcare law and implementing regulations, as well as changes in healthcare policy, may impact our business in ways that we cannot currently predict, and may have a significant adverse effect on our business and results of operations.
- We expect that these and other healthcare reform measures in the future, may result in more rigorous coverage criteria and lower reimbursement, and in additional downward pressure on the price that we receive for any approved product.
- We cannot predict the likelihood, nature or extent of government regulation that may arise from future legislation or administrative action in the U.S., the EU or any other jurisdiction.
- Our direct-to-consumer marketing and telehealth pilot program may be subject to increased regulatory scrutiny.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| ORKA | Oruka Therapeutics, Inc. | USD 95.97 | ▲ 0.17% |
| RYTM | Rhythm Pharmaceuticals, Inc. | USD 91.97 | ▼ 0.23% |
| IOVA | Iovance Biotherapeutics, Inc. | USD 14.81 | ▲ 1.58% |
| IONS | Ionis Pharmaceuticals, Inc. | USD 44.9 | ▲ 2.14% |
| AXSM | Axsome Therapeutics, Inc. | USD 143.51 | ▲ 0.92% |
| PRAX | Praxis Precision Medicines, Inc | USD 285.48 | ▲ 6.69% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 29, 2026 at 09:20 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt