Tandem Diabetes Care (NASDAQ:TNDM) Shares Gap Down – Here’s Why

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) gapped down before the market opened on Friday . The stock had previously closed at $18.79, but opened at $17.39. Tandem Diabetes Care shares last traded at $20.7460, with a volume of 834,569 shares changing hands.

Analysts Set New Price Targets

TNDM has been the topic of several analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $26.00 target price on shares of Tandem Diabetes Care in a report on Friday. TD Cowen restated a “buy” rating and issued a $28.00 price target (up from $25.00) on shares of Tandem Diabetes Care in a research report on Monday, April 20th. Truist Financial reaffirmed a “buy” rating and set a $31.00 price objective (down from $35.00) on shares of Tandem Diabetes Care in a research note on Monday, May 11th. The Goldman Sachs Group set a $21.00 target price on shares of Tandem Diabetes Care in a research note on Wednesday, May 27th. Finally, Rothschild & Co Redburn set a $45.00 target price on Tandem Diabetes Care in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Tandem Diabetes Care currently has a consensus rating of “Hold” and an average price target of $28.77.

Tandem Diabetes Care Stock Performance

The stock has a 50 day moving average price of $16.87 and a two-hundred day moving average price of $18.86. The company has a debt-to-equity ratio of 4.54, a current ratio of 3.58 and a quick ratio of 3.07. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of -15.28 and a beta of 1.54.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings results on Thursday, August 6th. The medical device company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.01. Tandem Diabetes Care had a negative net margin of 9.20% and a negative return on equity of 53.88%. The business had revenue of $254.56 million for the quarter, compared to the consensus estimate of $254.99 million. During the same quarter in the prior year, the company earned ($0.78) EPS. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. On average, analysts predict that Tandem Diabetes Care, Inc. will post -0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Tandem Diabetes Care

A number of large investors have recently modified their holdings of TNDM. Smartleaf Asset Management LLC grew its stake in shares of Tandem Diabetes Care by 80.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock valued at $30,000 after purchasing an additional 593 shares during the last quarter. OP Asset Management Ltd bought a new position in Tandem Diabetes Care in the 1st quarter worth approximately $35,000. Caitong International Asset Management Co. Ltd raised its position in Tandem Diabetes Care by 200.0% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 2,205 shares of the medical device company’s stock worth $27,000 after purchasing an additional 1,470 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Tandem Diabetes Care by 67.4% during the 4th quarter. Van ECK Associates Corp now owns 3,430 shares of the medical device company’s stock worth $75,000 after buying an additional 1,381 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV lifted its holdings in Tandem Diabetes Care by 36.0% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 3,431 shares of the medical device company’s stock worth $75,000 after buying an additional 909 shares in the last quarter.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc (NASDAQ: TNDM), headquartered in San Diego, California, is a medical device company focused on the design, development and commercialization of innovative insulin delivery systems for people with insulin-dependent diabetes. Founded in 2006, the company introduced its first product, the t:slim® Insulin Pump, in 2011 and has since built a portfolio of next-generation pumps featuring touchscreen interfaces, remote software updates and integrated continuous glucose monitoring (CGM) capabilities.

The company’s flagship offering, the t:slim X2® Insulin Pump, is engineered to work with leading CGM sensors and features automated insulin delivery algorithms that adjust basal insulin rates based on real-time glucose trends.