Why Is TARSUS PHARMACEUTICA (TARS) Stock Moving Today?

TARS stock is up 7.37% at $89.34 as of the latest trade, driven by the completion of Tarsus Pharmaceuticals’ acquisition of Alkeus Pharmaceuticals. The deal adds gildeuretinol (ALK-001), a Phase 3 oral investigational medicine targeting Stargardt’s disease, a rare form of inherited macular dystrophy. The acquisition expands Tarsus’ leadership in eye care and provides a differentiated therapeutic candidate with potential for regulatory milestones and market differentiation.

What Happened

Tarsus Pharmaceuticals announced the completion of its acquisition of Alkeus Pharmaceuticals, paying $450 million upfront in cash and stock with up to $350 million in additional milestones. The acquisition includes gildeuretinol, which has demonstrated a 21.6% reduction in retinal lesion growth rate in a 50-patient trial. Alkeus also received Orphan Drug Designation in Japan for gildeuretinol to treat Stargardt disease. The transaction is expected to enhance Tarsus’ portfolio in ophthalmology and provide long-term growth opportunities. Oppenheimer has maintained an Outperform rating on Tarsus and raised its price target to $100.

What The Data Shows

The stock opened at $82.70, down 0.6% from the previous close, but climbed to a session high of $89.51 at 3:00 PM ET. Trading volume has reached 0.4 million shares, which is 0.5 times the 3-month daily average. Over the past 8 sessions, the stock has risen 17.5%, from $70.72 to $83.11. Tarsus has a market cap of $3.6 billion and reported Q2 revenue of $173.912 million, which beat estimates. However, the company remains unprofitable with a trailing twelve-month (TTM) net margin of -7.7% and an EPS of -1.08. In the last 90 days, insiders have sold five times, totaling $3.3 million, with the most recent filing on September 3, 2026.

What To Watch

Tarsus Pharmaceuticals is expected to report earnings in the coming months, which could provide further insight into the financial and operational impact of the Alkeus acquisition. Investors should monitor the breadth of analyst coverage and any new developments in the regulatory or clinical progress of gildeuretinol.