BidaskClub downgraded shares of Tandem Diabetes Care (NASDAQ:TNDM) from a strong-buy rating to a buy rating in a research note released on Wednesday morning.
Other equities research analysts have also recently issued reports about the company. Oppenheimer set a $31.00 price target on Tandem Diabetes Care and gave the company a buy rating in a research report on Tuesday, July 31st. Lake Street Capital upped their price objective on shares of Tandem Diabetes Care to $35.00 and gave the stock a buy rating in a research report on Tuesday, July 31st. Cowen restated a buy rating and issued a $28.00 price objective on shares of Tandem Diabetes Care in a research report on Tuesday, July 31st. Robert W. Baird restated a buy rating and issued a $31.00 price objective on shares of Tandem Diabetes Care in a research report on Monday, July 23rd. Finally, ValuEngine cut shares of Tandem Diabetes Care from a strong-buy rating to a buy rating in a research report on Thursday, August 2nd. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $44.27.
Shares of TNDM traded down $1.90 during midday trading on Wednesday, hitting $37.19. 1,062,176 shares of the company traded hands, compared to its average volume of 2,010,051. Tandem Diabetes Care has a one year low of $2.14 and a one year high of $52.55.
Tandem Diabetes Care (NASDAQ:TNDM) last announced its quarterly earnings results on Thursday, November 1st. The medical device company reported ($0.62) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($0.28). Tandem Diabetes Care had a negative net margin of 93.07% and a negative return on equity of 204.32%. The company had revenue of $46.30 million for the quarter, compared to the consensus estimate of $42.71 million. During the same quarter in the prior year, the company earned ($3.09) earnings per share. The company’s quarterly revenue was up 71.5% on a year-over-year basis. As a group, sell-side analysts predict that Tandem Diabetes Care will post -1.35 earnings per share for the current fiscal year.
In other Tandem Diabetes Care news, Director Richard P. Valencia purchased 1,300 shares of Tandem Diabetes Care stock in a transaction on Monday, November 5th. The shares were acquired at an average cost of $37.75 per share, for a total transaction of $49,075.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kim D. Blickenstaff sold 198,000 shares of the stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $37.01, for a total transaction of $7,327,980.00. The disclosure for this sale can be found here. 9.30% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. US Bancorp DE grew its position in Tandem Diabetes Care by 397.8% during the third quarter. US Bancorp DE now owns 2,489 shares of the medical device company’s stock valued at $107,000 after acquiring an additional 1,989 shares during the last quarter. Meeder Asset Management Inc. grew its position in Tandem Diabetes Care by 1,921.6% during the third quarter. Meeder Asset Management Inc. now owns 2,709 shares of the medical device company’s stock valued at $116,000 after acquiring an additional 2,575 shares during the last quarter. Gilder Gagnon Howe & Co. LLC bought a new position in Tandem Diabetes Care during the third quarter valued at approximately $174,000. Fox Run Management L.L.C. bought a new position in Tandem Diabetes Care during the third quarter valued at approximately $203,000. Finally, Prudential Financial Inc. bought a new position in Tandem Diabetes Care during the third quarter valued at approximately $235,000. Institutional investors and hedge funds own 62.80% of the company’s stock.
About Tandem Diabetes Care
Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes various products for people with insulin-dependent diabetes in the United States. The company's flagship product is the t:slim X2 insulin delivery system that comprises t:slim X2 pump, its 300-unit disposable insulin cartridge, and an infusion set.
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