Tandem Diabetes Care (NASDAQ:TNDM) Hits New 12-Month Low on Analyst Downgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) hit a new 52-week low on Thursday after Royal Bank of Canada lowered their price target on the stock from $65.00 to $55.00. Royal Bank of Canada currently has an outperform rating on the stock. Tandem Diabetes Care traded as low as $25.50 and last traded at $23.74, with a volume of 96160 shares traded. The stock had previously closed at $33.59.

A number of other brokerages have also commented on TNDM. Barclays raised their price target on Tandem Diabetes Care from $58.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Sanford C. Bernstein started coverage on Tandem Diabetes Care in a report on Wednesday, November 6th. They set an “outperform” rating and a $42.00 price target on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $63.00 price target on shares of Tandem Diabetes Care in a report on Wednesday. Citigroup dropped their price target on shares of Tandem Diabetes Care from $57.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Finally, Morgan Stanley upgraded shares of Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, December 2nd. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.38.

Hedge Funds Weigh In On Tandem Diabetes Care

Institutional investors have recently bought and sold shares of the stock. Connective Capital Management LLC purchased a new position in Tandem Diabetes Care during the 4th quarter valued at about $611,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Tandem Diabetes Care by 20.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 177,739 shares of the medical device company’s stock valued at $6,402,000 after acquiring an additional 30,133 shares in the last quarter. Two Sigma Investments LP grew its stake in Tandem Diabetes Care by 4.4% during the 4th quarter. Two Sigma Investments LP now owns 861,188 shares of the medical device company’s stock valued at $31,020,000 after acquiring an additional 36,475 shares in the last quarter. State of Wyoming grew its stake in Tandem Diabetes Care by 95.9% during the 4th quarter. State of Wyoming now owns 2,996 shares of the medical device company’s stock valued at $108,000 after acquiring an additional 1,467 shares in the last quarter. Finally, Shell Asset Management Co. grew its stake in Tandem Diabetes Care by 16.9% during the 4th quarter. Shell Asset Management Co. now owns 26,281 shares of the medical device company’s stock valued at $947,000 after acquiring an additional 3,803 shares in the last quarter.

Tandem Diabetes Care Trading Down 35.2 %

The company has a debt-to-equity ratio of 1.29, a quick ratio of 2.32 and a current ratio of 2.90. The company has a 50 day simple moving average of $35.45 and a two-hundred day simple moving average of $36.62. The company has a market cap of $1.43 billion, a PE ratio of -11.27 and a beta of 1.32.

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.