Tandem Diabetes Care (NASDAQ:TNDM) Shares Up 5.3% After Analyst Upgrade

Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) traded up 5.3% on Thursday after Truist Financial upgraded the stock from a hold rating to a buy rating. Truist Financial now has a $35.00 price target on the stock, up from their previous price target of $27.00. Tandem Diabetes Care traded as high as $25.43 and last traded at $25.1210. 1,104,326 shares changed hands during trading, a decline of 44% from the average session volume of 1,982,902 shares. The stock had previously closed at $23.85.

TNDM has been the subject of a number of other reports. Barclays reiterated an “overweight” rating and issued a $56.00 price target on shares of Tandem Diabetes Care in a research note on Monday, February 23rd. Sanford C. Bernstein restated a “market perform” rating and set a $25.00 price target (up from $18.00) on shares of Tandem Diabetes Care in a research note on Friday, January 9th. Canaccord Genuity Group set a $35.00 price objective on shares of Tandem Diabetes Care and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Bank of America raised shares of Tandem Diabetes Care from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $15.00 to $30.00 in a report on Friday, February 20th. Finally, TD Cowen initiated coverage on Tandem Diabetes Care in a research note on Tuesday, January 27th. They issued a “buy” rating and a $25.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $29.22.

Institutional Trading of Tandem Diabetes Care

Hedge funds have recently modified their holdings of the stock. Corient Private Wealth LLC purchased a new position in Tandem Diabetes Care during the fourth quarter valued at approximately $429,000. Mercer Global Advisors Inc. ADV purchased a new position in shares of Tandem Diabetes Care during the 4th quarter valued at approximately $248,000. EP Wealth Advisors LLC acquired a new position in shares of Tandem Diabetes Care in the 4th quarter valued at $219,000. Wellington Management Group LLP purchased a new stake in Tandem Diabetes Care during the fourth quarter worth $2,161,000. Finally, Man Group plc acquired a new stake in Tandem Diabetes Care during the fourth quarter valued at $281,000.

Tandem Diabetes Care Trading Up 4.7%

The company’s 50-day moving average is $21.34 and its 200 day moving average is $18.55. The company has a market cap of $1.71 billion, a price-to-earnings ratio of -8.11 and a beta of 1.63. The company has a quick ratio of 2.02, a current ratio of 2.55 and a debt-to-equity ratio of 2.00.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its earnings results on Thursday, February 19th. The medical device company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.04. The firm had revenue of $290.38 million for the quarter, compared to analyst estimates of $277.14 million. Tandem Diabetes Care had a negative return on equity of 68.23% and a negative net margin of 20.17%.The business’s revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 EPS. Research analysts predict that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current year.

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.