TELA Bio (NASDAQ:TELA) Shares Gap Down to $13.75

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TELA Bio (NASDAQ:TELA)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $12.30, but opened at $13.75. TELA Bio shares last traded at $12.77, with a volume of 9,647 shares trading hands.

A number of research analysts recently issued reports on TELA shares. Zacks Investment Research cut shares of TELA Bio from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. JMP Securities lifted their price objective on shares of TELA Bio from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Canaccord Genuity lifted their price objective on shares of TELA Bio from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. Finally, ValuEngine raised shares of TELA Bio from a “hold” rating to a “buy” rating in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $19.50.

The company has a debt-to-equity ratio of 1.25, a current ratio of 13.07 and a quick ratio of 11.94. The stock has a market cap of $156.85 million and a price-to-earnings ratio of -0.76. The business’s 50-day simple moving average is $15.95 and its two-hundred day simple moving average is $13.23.

TELA Bio (NASDAQ:TELA) last issued its earnings results on Tuesday, May 12th. The company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.09). The business had revenue of $3.73 million for the quarter, compared to analysts’ expectations of $3.60 million. Equities research analysts forecast that TELA Bio will post -2.26 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of TELA. Cowen AND Company LLC boosted its position in TELA Bio by 1,601.6% in the first quarter. Cowen AND Company LLC now owns 405,507 shares of the company’s stock valued at $3,171,000 after buying an additional 381,676 shares in the last quarter. Essex Woodlands Management Inc. lifted its holdings in shares of TELA Bio by 39.6% during the first quarter. Essex Woodlands Management Inc. now owns 1,074,231 shares of the company’s stock worth $8,400,000 after purchasing an additional 305,000 shares during the period. Alyeska Investment Group L.P. acquired a new position in shares of TELA Bio during the fourth quarter worth $2,609,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of TELA Bio during the fourth quarter worth $1,419,000. Finally, Parkman Healthcare Partners LLC acquired a new position in shares of TELA Bio during the fourth quarter worth $324,000. Hedge funds and other institutional investors own 56.98% of the company’s stock.

About TELA Bio (NASDAQ:TELA)

TELA Bio, Inc, a medical technology company, focuses on the design, development, and marketing of tissue reinforcement materials to address unmet needs in soft tissue reconstruction. It offers reinforced tissue matrix products for a variety of reconstruction procedures, including hernia repair, abdominal wall reconstruction, and plastic and reconstructive surgery.

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