Tarsus Pharmaceuticals (TARS)
Commercializes XDEMVY for Demodex blepharitis and develops additional eye-care and infectious-disease therapies.
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Sells XDEMVY, a prescription eye drop for Demodex blepharitis, through U.S. specialty channels while developing TP-04, TP-05, and IRX-101 for ocular and infectious-disease uses. Most revenue comes from its only approved product; additional programs depend on clinical results, regulatory approval, licensed technology, and outside manufacturing.
Commercializes XDEMVY, a prescription lotilaner eye drop for Demodex blepharitis, through U.S. specialty pharmacies and distributors. Direct outreach to eye-care professionals and consumer education support prescription demand, while XDEMVY generates most revenue.
Develops additional therapies across eye care and infectious-disease prevention. TP-04 targets ocular rosacea, TP-05 is an oral Lyme disease prevention candidate, and acquired IRX-101 is an ocular antiseptic candidate for intravitreal procedures. A pending acquisition would add gildeuretinol for Stargardt disease.
Operates as a single therapeutics segment, retains most human-use rights outside its China license, and relies on licensed lotilaner intellectual property, contract manufacturers, specialty-channel access, payer coverage, and regulatory approvals. XDEMVY remains its only approved product; GrandPharma controls development and commercialization in China, and the Alkeus transaction remains subject to closing conditions.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 16, 2026 | Barclays | Target | Target: $100 | Target: $110 |
| Sep 8, 2026 | Jefferies | Reiterate | Rating: —Target: $58 | Target: $105 |
| Aug 12, 2026 | Oppenheimer | Reiterate | Rating: —Target: $72 | Target: $100 |
| Aug 3, 2026 | Mizuho Securities | Target | Target: $100 | Target: $98 |
| Jul 21, 2026 | Guggenheim | Reiterate | Rating: —Target: $84 | Target: $89 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $449.7M · Total debt $88.7M · Total assets $611.1M · Shareholders' equity $346.7M
- Revenue
- $173.9M
- Operating income
- −$19.9M
- Net income
- −$18.6M
No dividends on record.
| Institutions | ≈ 107.13% | 47.01M shares | |
|---|---|---|---|
| 270 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 3.02% | 1.33M shares | |
| 14 holders · as of Sep 17, 2026 | |||
| Strategic holders | 5.11% | 2.24M shares | |
| 1 holder · as of May 15, 2026 | |||
| Adds to | 115.26% | ||
43.88M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 115.26%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 8.79% | 3.86M | as of Jun 30, 2026 |
Deep Track Capital, LPInstitution | 8.36% | 3.67M | as of Jun 30, 2026 |
RTW Investments, LPInstitution | 7.65% | 3.36M | as of Jun 30, 2026 |
Jupiter Topco LLCInstitution | 6.40% | 2.81M | as of Jun 30, 2026 |
Paradigm Biocapital Advisors LPInstitution | 6.33% | 2.78M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | William J. Phd Link | director | −12,500 | $78.38 |
| Sep 4, 2026 | Seshadri Neervannan | officer: Chief Operating Officer | −4,564 | $85.00 |
| Sep 4, 2026 | Elizabeth Yeu Lin | officer: Chief Medical Officer | −13,953 | $87.50 |
| Sep 4, 2026 | Bobak R. Azamian | director, officer: President/CEO and Board Chair | −10,000 | $90.56 |
| Sep 2, 2026 | Elizabeth Yeu Lin | officer: Chief Medical Officer | −6,977 | $80.00 |
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Late-stage ocular inflammation peer in dry eye and allergy
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tarsus Pharmaceuticals | $77.55 | +0.11% | $3.33B | — | — | 5.5 | +69.4% |
| Bausch + Lomb | $17.10 | +1.76% | $6.00B | — | 17.1 | 1.1 | +9.1% |
| Alcon | $65.30 | +0.66% | $31.64B | 49.9 | 17.2 | 2.9 | +7.5% |
| AbbVie | $263.49 | −0.37% | $467.37B | 74.5 | 17.3 | 7.3 | +10.2% |
| Harrow | $33.91 | −0.03% | $1.26B | — | 27.3 | 4.6 | +10.9% |
| Viatris | $17.09 | −0.09% | $19.91B | — | 6.7 | 1.4 | +4.9% |
| Valneva (ADR) | $6.56 | −0.91% | $627.7M | — | — | 3.8 | −29.2% |
| Aldeyra Therapeutics | $1.38 | +2.22% | $81.4M | — | — | — | — |
| Median | 62.2 | 17.2 | 3.4 | +8.3% |