Tarsus Pharmaceuticals Stock Drops as Short Seller Alleges Illegal Copay Scheme

Benzinga07-02

Culper alleges the company’s addressable market is a fraction of what management says and that 2026 profit estimates are wildly inflated. Culper notes that it is short the stock. Tarsus ...

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Culper notes that it is short the stock.\nTarsus ...</p>\n\n<a href=\"https://www.benzinga.com/trading-ideas/movers/26/07/60228364/tarsus-pharmaceuticals-stock-drops-as-short-seller-alleges-illegal-copay-scheme\">Source Link</a>\n\n</div>\n","source":"benzinga_hot_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tarsus Pharmaceuticals Stock Drops as Short Seller Alleges Illegal Copay Scheme</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTarsus Pharmaceuticals Stock Drops as Short Seller Alleges Illegal Copay Scheme\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-02 02:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/trading-ideas/movers/26/07/60228364/tarsus-pharmaceuticals-stock-drops-as-short-seller-alleges-illegal-copay-scheme><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Culper alleges the company’s addressable market is a fraction of what management says and that 2026 profit estimates are wildly inflated. Culper notes that it is short the stock.\nTarsus ...</p>\n\n<a href=\"https://www.benzinga.com/trading-ideas/movers/26/07/60228364/tarsus-pharmaceuticals-stock-drops-as-short-seller-alleges-illegal-copay-scheme\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4007","symbol_name":"制药","start_time":0,"source_url":"https://www.benzinga.com/trading-ideas/movers/26/07/60228364/tarsus-pharmaceuticals-stock-drops-as-short-seller-alleges-illegal-copay-scheme","article_id":"2648525890","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/cdn-cgi/image/width=260,format=auto,quality=85/files/images/story/2026/07/01/Creative-Glowing-Candlestick-Forex-Chart.jpg"],"rights":{"source":"benzinga_hot_news","url":"https://www.benzinga.com/trading-ideas/movers/26/07/60228364/tarsus-pharmaceuticals-stock-drops-as-short-seller-alleges-illegal-copay-scheme","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2648525890","pubTimestamp":1782929580,"columns":[],"sourceInfo":{"source_id":"benzinga_hot_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Tarsus Pharmaceuticals Inc (NASDAQ:TARS) shares are falling Wednesday. Short-seller Culper Research published a report Wednesday alleging the company's sole commercial product relies on an illegal Medicare copay scheme. Here's what you should know.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4007":"制药","TARS":"Tarsus Pharmaceuticals, Inc."},"translate_title":"由于卖空者指控非法共付额计划，Tarsus Pharmaceuticals股价下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TARS":1.5},"content_text":"Culper alleges the company’s addressable market is a fraction of what management says and that 2026 profit estimates are wildly inflated. Culper notes that it is short the stock.\nTarsus Pharmaceuticals did not immediately respond to Benzinga’s request for comment.\nCulper alleges Tarsus has driven XDEMVY sales by channeling donations to a blepharitis fund operated by the Healthwell Foundation to cover Medicare patient copays, a practice the firm says runs afoul of the Anti-Kickback Statute. Working from Tarsus’s own tax filings, Culper estimates the company donated $5.7 million in 2023, $31.2 million in 2024 and $78.5 million in 2025 to the fund, amounts that closely track the foundation’s own disclosed donation totals.\nCulper also alleges that the fund’s grants flow almost entirely to XDEMVY patients, and that Tarsus funnels Medicare patients toward the fund through its concentrated relationship with specialty pharmacy BlinkRx.\nCulper alleges Tarsus’s stated 25 million potential patients, which backs management’s $2 billion peak revenue target, is built on flawed science. A Culper survey of 30 active XDEMVY prescribers found only 18% of their patients carried the diagnosis.\nTarsus itself has said just 1.5 million Americans have ever been diagnosed with the condition. With more than 600,000 already treated, Culper sees revenues topping out below $800 million in 2028, a view it argues is supported by Blackstone’s May 2025 acquisition of the XDEMVY royalty stream from Elanco for $295 million, which the firm says implies peak revenues of $712 million to $1.28 billion.\nTARS Price Action: Tarsus shares were down 4.50% at $60.11 at the time of publication on Wednesday, according to Benzinga Pro.\nImage: Golden Dayz/Shutterstock.com\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2648525890","isCrawlerRequest":true}