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

TELA Bio (NASDAQ:TELA) had its price objective trimmed by Canaccord Genuity Group from $12.00 to $7.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Piper Sandler downgraded TELA Bio from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $5.00 to $2.00 in a research note on Friday.

TELA Bio Stock Down 37.2 %

Shares of NASDAQ:TELA opened at $1.47 on Friday. The company has a market capitalization of $57.90 million, a PE ratio of -0.87 and a beta of 1.10. The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81. The business has a fifty day moving average price of $2.56 and a two-hundred day moving average price of $2.70. TELA Bio has a 1 year low of $1.28 and a 1 year high of $6.50.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC grew its stake in shares of TELA Bio by 30.5% during the 4th quarter. Jane Street Group LLC now owns 30,705 shares of the company’s stock worth $93,000 after acquiring an additional 7,174 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of TELA Bio by 91.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock worth $86,000 after acquiring an additional 13,555 shares during the period. Cubist Systematic Strategies LLC grew its stake in shares of TELA Bio by 95.3% during the 4th quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company’s stock worth $95,000 after acquiring an additional 15,283 shares during the period. Northern Trust Corp grew its stake in shares of TELA Bio by 50.6% during the 4th quarter. Northern Trust Corp now owns 47,181 shares of the company’s stock worth $142,000 after acquiring an additional 15,856 shares during the period. Finally, Prudential Financial Inc. purchased a new stake in TELA Bio during the 4th quarter worth about $57,000. Institutional investors own 94.35% of the company’s stock.

TELA Bio Company Profile

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.