TELA Bio (NASDAQ:TELA) Cut to “Neutral” at Piper Sandler

Piper Sandler lowered shares of TELA Bio (NASDAQ:TELA) from an overweight rating to a neutral rating in a research report sent to investors on Friday, Marketbeat Ratings reports. The brokerage currently has $2.00 target price on the stock, down from their previous target price of $5.00.

TELA Bio Stock Performance

NASDAQ:TELA opened at $1.47 on Friday. The firm has a market capitalization of $57.90 million, a PE ratio of -0.87 and a beta of 1.10. The business’s fifty day moving average price is $2.56 and its 200 day moving average price is $2.70. The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81. TELA Bio has a 12 month low of $1.28 and a 12 month high of $6.50.

TELA Bio (NASDAQ:TELA) last posted its earnings results on Thursday, March 20th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.01. The firm had revenue of $17.65 million for the quarter, compared to analyst estimates of $23.17 million. TELA Bio had a negative return on equity of 556.18% and a negative net margin of 60.49%. On average, sell-side analysts anticipate that TELA Bio will post -1.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TELA Bio

Several hedge funds have recently made changes to their positions in TELA. Prudential Financial Inc. purchased a new position in shares of TELA Bio during the fourth quarter worth about $57,000. Commonwealth Equity Services LLC grew its holdings in shares of TELA Bio by 91.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock worth $86,000 after purchasing an additional 13,555 shares during the last quarter. Walleye Capital LLC purchased a new position in shares of TELA Bio during the fourth quarter worth about $91,000. Jane Street Group LLC grew its holdings in shares of TELA Bio by 30.5% during the fourth quarter. Jane Street Group LLC now owns 30,705 shares of the company’s stock worth $93,000 after purchasing an additional 7,174 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of TELA Bio by 95.3% during the fourth quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company’s stock worth $95,000 after purchasing an additional 15,283 shares during the last quarter. Hedge funds and other 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.