Tandem Diabetes Care (NASDAQ:TNDM) Shares Gap Up After Analyst Upgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares gapped up prior to trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $58.00 to $59.00. The stock had previously closed at $16.85, but opened at $18.66. Canaccord Genuity Group currently has a buy rating on the stock. Tandem Diabetes Care shares last traded at $19.38, with a volume of 406,607 shares traded.

TNDM has been the subject of several other reports. Robert W. Baird decreased their price target on shares of Tandem Diabetes Care from $33.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday. Mizuho initiated coverage on shares of Tandem Diabetes Care in a research note on Thursday, April 10th. They issued a “neutral” rating and a $20.00 target price for the company. Stifel Nicolaus reduced their price target on Tandem Diabetes Care from $60.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday. Barclays lowered their price objective on Tandem Diabetes Care from $60.00 to $53.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Finally, Wells Fargo & Company reduced their target price on Tandem Diabetes Care from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.81.

Insiders Place Their Bets

In other Tandem Diabetes Care news, COO Jean-Claude Kyrillos acquired 10,538 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $18.12 per share, for a total transaction of $190,948.56. Following the completion of the purchase, the chief operating officer now directly owns 10,538 shares of the company’s stock, valued at $190,948.56. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tandem Diabetes Care

Several hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System raised its stake in shares of Tandem Diabetes Care by 1.9% during the 4th quarter. Arizona State Retirement System now owns 18,961 shares of the medical device company’s stock valued at $683,000 after buying an additional 362 shares during the last quarter. Bank of Montreal Can raised its position in Tandem Diabetes Care by 4.3% during the fourth quarter. Bank of Montreal Can now owns 10,004 shares of the medical device company’s stock valued at $360,000 after acquiring an additional 409 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in Tandem Diabetes Care by 8.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,870 shares of the medical device company’s stock valued at $247,000 after acquiring an additional 525 shares during the period. Assetmark Inc. boosted its position in Tandem Diabetes Care by 77.5% in the 4th quarter. Assetmark Inc. now owns 1,225 shares of the medical device company’s stock worth $44,000 after purchasing an additional 535 shares in the last quarter. Finally, AlphaQuest LLC grew its stake in shares of Tandem Diabetes Care by 138.7% during the 4th quarter. AlphaQuest LLC now owns 931 shares of the medical device company’s stock worth $34,000 after purchasing an additional 541 shares during the period.

Tandem Diabetes Care Stock Performance

The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 1.29. The firm’s fifty day moving average price is $18.80 and its two-hundred day moving average price is $28.63. The stock has a market capitalization of $1.43 billion, a PE ratio of -11.13 and a beta of 1.52.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings data on Wednesday, April 30th. The medical device company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.07). Tandem Diabetes Care had a negative return on equity of 44.19% and a negative net margin of 14.84%. The firm had revenue of $234.42 million during the quarter, compared to analyst estimates of $220.19 million. During the same quarter last year, the company posted ($0.65) EPS. The company’s revenue was up 22.3% on a year-over-year basis. As a group, equities research analysts forecast that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current year.

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.