Canaccord Genuity Group Lowers TELA Bio (NASDAQ:TELA) Price Target to $7.00

TELA Bio (NASDAQ:TELA) had its price target reduced by research analysts at Canaccord Genuity Group from $12.00 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 392.96% from the stock’s current price.

Separately, Piper Sandler cut TELA Bio from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $5.00 to $2.00 in a report on Friday.

TELA Bio Stock Performance

TELA stock traded down $0.92 during midday trading on Friday, reaching $1.42. 2,052,454 shares of the company’s stock traded hands, compared to its average volume of 207,271. TELA Bio has a 52-week low of $1.29 and a 52-week high of $6.50. The stock has a market cap of $55.93 million, a P/E ratio of -0.84 and a beta of 1.10. The company has a current ratio of 2.62, a quick ratio of 1.81 and a debt-to-equity ratio of 14.22. The stock’s 50-day moving average is $2.58 and its 200 day moving average is $2.71.

TELA Bio (NASDAQ:TELA) last announced its earnings results on Thursday, March 20th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.01. The business had revenue of $17.65 million during the quarter, compared to analysts’ expectations of $23.17 million. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. As a group, analysts anticipate that TELA Bio will post -1.37 EPS for the current year.

Institutional Investors Weigh In On TELA Bio

Institutional investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. purchased a new stake in TELA Bio during the 4th quarter valued at approximately $57,000. Commonwealth Equity Services LLC grew its holdings in TELA Bio by 91.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock valued at $86,000 after buying an additional 13,555 shares in the last quarter. Walleye Capital LLC purchased a new stake in TELA Bio during the 4th quarter valued at approximately $91,000. Jane Street Group LLC grew its holdings in TELA Bio by 30.5% during the 4th quarter. Jane Street Group LLC now owns 30,705 shares of the company’s stock valued at $93,000 after buying an additional 7,174 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in TELA Bio by 95.3% during the 4th quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company’s stock valued at $95,000 after buying an additional 15,283 shares in the last quarter. 94.35% of the stock is owned by hedge funds and other institutional investors.

About TELA Bio

TELA Bio, Inc, a commercial-stage medical technology company, focuses on providing soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation and restoration of the patient's anatomy. The company provides a portfolio of OviTex Reinforced Tissue Matrix (OviTex) products for hernia repair and abdominal wall reconstruction; and OviTex PRS Reinforced Tissue Matrix products to address the unmet needs in plastic and reconstructive surgery, as well as OviTex for Laparoscopic and Robotic Procedures, a sterile reinforced tissue matrix derived from ovine rumen with polypropylene fiber intended to be used in laparoscopic and robotic-assisted hernia surgical repairs.