TARS – Equity Positioning Report

TARS also enters the watchlist on the presence of significant Dark Pool accumulations over the past month, with the appearance of Rank 4, Rank 2 and Rank 1, for a total notional value in excess of $400 million.

The Rank 1, located around 65,17$, represents the primary volumetric support level for price. In close proximity we also find the Rank 2, situated at 64,61$. The two levels therefore cover the 65/64$ area, which takes on an important role as the first line of defence.

The last volumetric stronghold is represented by the Rank 4, positioned around 57,37$.

On the WPI, the stock is positioned in the Strong section, alongside the index, sector and reference industry.

All observed assets are oriented towards the upper portion of the quadrant over the long term, confirming the strength in place both on the stock and across the broader sector.

As regards relative strength, the Healthcare sector, represented by XLV, has begun to outperform the SPY index. On the weekly timeframe, the sector reversed its previous downtrend approximately two months ago, bringing the relative strength line back above the 50-period moving average.

TARS has been outperforming the sector for a considerable time. Over recent months, however, the stock has entered a consolidation phase, as reflected in the price action as well. Notwithstanding this, the probability of a renewed breakout in relative strength versus the sector remains high, as it would resume a bullish trend that has been in place for over two years.

From a fundamental standpoint, the stock displays significant revenue growth. After two negative years, revenues began to grow materially from 2024 onwards, with a year-on-year increase in excess of 900% in 2024 and equal to 146% in 2025.

The company listed in 2021, so it should be noted that the available fundamental history remains limited.

The current P/E and forward estimates are very elevated. This aspect must be contextualised: particularly within the Pharmaceuticals sector, many companies make extensive use of equity-dilutive financing, even in the presence of strong revenue growth.

Margins are also expanding over the past two years. In 2024 they recorded an increase of 438% compared with the prior year, which was negative, while in 2025 they grew by 205% relative to 2024.

EPS estimates point to growth of 580% compared with current EPS, which remain negative. A further increase of 76% is subsequently expected in 2028. Current EPS stand at -0,59, while expected EPS are 2,87 in 2027 and 5,06 in 2028.

From a price action perspective, the stock has been in a bullish trend since 2023. Since the beginning of 2026, however, it has undergone a significant correction, resulting in a decline of approximately 34% from its all-time highs.

Over recent months the stock has traded sideways around a support area and, over the longer term, has begun to show a recovery to the upside.

The sideways phase that began in April 2026 gave rise to a sweep of the lows and a manipulation event in the first days of June, in correspondence with the Rank 4 level cited previously. The same level was then retested again in the first days of July.

Relative to this ranging area, the stock managed to break above the VAH on 6 July, confirming strength in the subsequent session.

The VAH of the aforementioned distribution corresponds to the 65,20$ area, which is the same zone where Rank 1 is located. This confluence increases the significance of the level as a valid support. Furthermore, with respect to the cumulative volume distribution as well, the same area corresponds to an important Low Volume Node.

A possible target for this nascent rally, or price recovery, could be represented by the 80$. This is a significant round number for market participants and also coincides with the upper edge of the last High Volume Node before a return towards the all-time highs.

On the options side, over the next two monthly expiries, relevant levels emerge around 75$ and subsequently around 85$. Open interest on the 80$ is considerably more contained.

This element makes it possible to complement the Volume Profile analysis: the 75$could represent the first obstacle to overcome, while a break of that level could increase the probability of a move towards the 85$. This reading remains valid at the time of writing, as options market positioning can vary from one day to the next.