Tandem Diabetes Care (NASDAQ:TNDM) Stock Price Down 5.5% After Analyst Downgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s share price was down 5.5% during trading on Monday after The Goldman Sachs Group lowered their price target on the stock from $42.00 to $24.00. The Goldman Sachs Group currently has a neutral rating on the stock. Tandem Diabetes Care traded as low as $20.91 and last traded at $20.93. Approximately 613,930 shares changed hands during trading, a decline of 54% from the average daily volume of 1,347,559 shares. The stock had previously closed at $22.14.

Several other research analysts also recently weighed in on the stock. Wells Fargo & Company reiterated an “equal weight” rating and issued a $22.00 price target (down from $38.00) on shares of Tandem Diabetes Care in a research report on Monday. Morgan Stanley upgraded shares of Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday, December 2nd. Royal Bank of Canada decreased their price objective on shares of Tandem Diabetes Care from $65.00 to $55.00 and set an “outperform” rating on the stock in a research report on Thursday. Sanford C. Bernstein downgraded shares of Tandem Diabetes Care from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $35.00 to $25.00 in a report on Friday. Finally, Citigroup dropped their price objective on Tandem Diabetes Care from $57.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, December 11th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Tandem Diabetes Care presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.44.

Institutional Investors Weigh In On Tandem Diabetes Care

Several institutional investors have recently modified their holdings of the stock. Brooklyn Investment Group bought a new stake in Tandem Diabetes Care in the third quarter worth $28,000. Assetmark Inc. purchased a new position in shares of Tandem Diabetes Care during the 3rd quarter worth about $29,000. AlphaQuest LLC grew its holdings in Tandem Diabetes Care by 138.7% during the 4th quarter. AlphaQuest LLC now owns 931 shares of the medical device company’s stock valued at $34,000 after purchasing an additional 541 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Tandem Diabetes Care by 195.8% in the fourth quarter. Jones Financial Companies Lllp now owns 1,130 shares of the medical device company’s stock worth $41,000 after purchasing an additional 748 shares during the last quarter. Finally, McIlrath & Eck LLC purchased a new position in shares of Tandem Diabetes Care during the third quarter valued at approximately $52,000.

Tandem Diabetes Care Stock Down 4.7 %

The company has a debt-to-equity ratio of 1.29, a current ratio of 2.90 and a quick ratio of 2.32. The company has a 50-day simple moving average of $34.95 and a 200-day simple moving average of $36.32. The firm has a market cap of $1.40 billion, a PE ratio of -10.92 and a beta of 1.32.

Tandem Diabetes Care Company Profile

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.