Canaccord Genuity Group Cuts Tandem Diabetes Care (NASDAQ:TNDM) Price Target to $56.00

Tandem Diabetes Care (NASDAQ:TNDM) had its target price lowered by Canaccord Genuity Group from $57.00 to $56.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the medical device company’s stock.

Several other analysts have also recently issued reports on TNDM. Canaccord Genuity Group began coverage on Tandem Diabetes Care in a report on Thursday, August 8th. They issued a “buy” rating and a $57.00 target price for the company. The Goldman Sachs Group initiated coverage on Tandem Diabetes Care in a report on Friday, October 4th. They set a “neutral” rating and a $46.00 price target for the company. Morgan Stanley restated an “equal weight” rating and issued a $45.00 price objective on shares of Tandem Diabetes Care in a report on Monday, September 23rd. Sanford C. Bernstein assumed coverage on shares of Tandem Diabetes Care in a report on Wednesday. They issued an “outperform” rating and a $42.00 target price for the company. Finally, Barclays upped their price target on Tandem Diabetes Care from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Tandem Diabetes Care currently has a consensus rating of “Moderate Buy” and an average price target of $54.25.

Tandem Diabetes Care Price Performance

NASDAQ:TNDM opened at $30.60 on Thursday. Tandem Diabetes Care has a twelve month low of $13.82 and a twelve month high of $53.69. The company’s 50-day moving average price is $38.73 and its 200-day moving average price is $41.86. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.90 and a quick ratio of 2.38.

Tandem Diabetes Care (NASDAQ:TNDM) last released its earnings results on Wednesday, November 6th. The medical device company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.08. The business had revenue of $243.97 million for the quarter, compared to analyst estimates of $224.14 million. Tandem Diabetes Care had a negative net margin of 14.84% and a negative return on equity of 44.19%. The business’s revenue was up 31.4% on a year-over-year basis. During the same period last year, the company posted ($0.38) EPS. On average, research analysts expect that Tandem Diabetes Care will post -1.73 earnings per share for the current year.

Institutional Trading of Tandem Diabetes Care

A number of hedge funds and other institutional investors have recently bought and sold shares of TNDM. Allspring Global Investments Holdings LLC boosted its holdings in shares of Tandem Diabetes Care by 1,567.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 6,635 shares of the medical device company’s stock valued at $235,000 after buying an additional 6,237 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Tandem Diabetes Care by 6.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 139,485 shares of the medical device company’s stock worth $5,423,000 after acquiring an additional 8,627 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Tandem Diabetes Care by 1,481.5% during the 1st quarter. BNP Paribas Financial Markets now owns 145,812 shares of the medical device company’s stock worth $5,163,000 after buying an additional 136,592 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Tandem Diabetes Care by 4.5% in the first quarter. Janney Montgomery Scott LLC now owns 34,506 shares of the medical device company’s stock worth $1,222,000 after acquiring an additional 1,493 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its stake in shares of Tandem Diabetes Care by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 56,910 shares of the medical device company’s stock valued at $2,015,000 after purchasing an additional 915 shares during the period.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. The company's flagship product is the t:slim X2 insulin delivery system, a pump platform for managing insulin delivery and display continuous glucose monitoring sensor information directly on the pump home screen; and Tandem Mobi insulin pump, an automated insulin delivery system.