Tandem Diabetes Care (NASDAQ:TNDM) Downgraded by Zacks Research to “Hold”

Zacks Research lowered shares of Tandem Diabetes Care (NASDAQ:TNDM) from a strong-buy rating to a hold rating in a report published on Wednesday morning,Zacks.com reports.

TNDM has been the subject of several other research reports. Rothschild & Co Redburn set a $45.00 target price on shares of Tandem Diabetes Care in a research note on Friday, April 24th. The Goldman Sachs Group set a $21.00 target price on shares of Tandem Diabetes Care in a research note on Wednesday, May 27th. TD Cowen reissued a “buy” rating and issued a $28.00 target price (up from $25.00) on shares of Tandem Diabetes Care in a research note on Monday, April 20th. Citigroup reissued a “neutral” rating and issued a $17.00 target price (down from $22.00) on shares of Tandem Diabetes Care in a research note on Thursday, May 28th. Finally, Piper Sandler raised shares of Tandem Diabetes Care from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $21.00 to $33.00 in a research note on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $29.84.

Tandem Diabetes Care Trading Down 2.6%

Shares of TNDM stock opened at $15.80 on Wednesday. Tandem Diabetes Care has a fifty-two week low of $9.98 and a fifty-two week high of $29.65. The stock has a market cap of $1.08 billion, a P/E ratio of -11.29 and a beta of 1.58. The business has a fifty day simple moving average of $17.79 and a 200-day simple moving average of $20.28. The company has a quick ratio of 3.07, a current ratio of 3.58 and a debt-to-equity ratio of 4.54.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its quarterly earnings results on Thursday, May 7th. The medical device company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.16. Tandem Diabetes Care had a negative return on equity of 53.88% and a negative net margin of 9.20%.The business had revenue of $247.22 million during the quarter, compared to analysts’ expectations of $240.41 million. During the same quarter last year, the business posted ($0.66) earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, analysts forecast that Tandem Diabetes Care will post -0.74 earnings per share for the current fiscal year.

Institutional Trading of Tandem Diabetes Care

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Tandem Diabetes Care by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 7,341,356 shares of the medical device company’s stock valued at $161,363,000 after buying an additional 278,042 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in Tandem Diabetes Care in the 3rd quarter valued at about $513,000. Royce & Associates LP purchased a new stake in Tandem Diabetes Care in the 3rd quarter valued at about $6,191,000. Assenagon Asset Management S.A. purchased a new stake in Tandem Diabetes Care in the 4th quarter valued at about $26,988,000. Finally, Jennison Associates LLC grew its holdings in Tandem Diabetes Care by 42.3% in the 4th quarter. Jennison Associates LLC now owns 2,021,376 shares of the medical device company’s stock valued at $44,430,000 after buying an additional 601,260 shares during the period.

Tandem Diabetes Care Company Profile

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.