Tandem Diabetes Care (NASDAQ:TNDM) Shares Down 5.5% Following Analyst Downgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares fell 5.5% during mid-day trading on Monday after The Goldman Sachs Group lowered their price target on the stock from $42.00 to $24.00. The Goldman Sachs Group currently has a neutral rating on the stock. Tandem Diabetes Care traded as low as $20.91 and last traded at $20.93. 613,930 shares traded hands during trading, a decline of 54% from the average session volume of 1,347,559 shares. The stock had previously closed at $22.14.

A number of other brokerages also recently weighed in on TNDM. Robert W. Baird lowered their price objective on shares of Tandem Diabetes Care from $37.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Barclays lowered their price target on Tandem Diabetes Care from $60.00 to $53.00 and set an “overweight” rating on the stock in a report on Friday. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $22.00 price objective (down previously from $38.00) on shares of Tandem Diabetes Care in a report on Monday. Royal Bank of Canada lowered their target price on Tandem Diabetes Care from $65.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Finally, Sanford C. Bernstein downgraded Tandem Diabetes Care from an “outperform” rating to a “market perform” rating and cut their price target for the company from $35.00 to $25.00 in a research note on Friday. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.44.

Institutional Trading of Tandem Diabetes Care

A number of hedge funds and other institutional investors have recently modified their holdings of TNDM. Connective Capital Management LLC purchased a new position in shares of Tandem Diabetes Care during the 4th quarter valued at $611,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Tandem Diabetes Care by 20.4% in the fourth 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 boosted its stake in shares of Tandem Diabetes Care by 4.4% in the fourth quarter. Two Sigma Investments LP now owns 861,188 shares of the medical device company’s stock worth $31,020,000 after acquiring an additional 36,475 shares during the period. State of Wyoming grew its position in shares of Tandem Diabetes Care by 95.9% during the fourth quarter. State of Wyoming now owns 2,996 shares of the medical device company’s stock worth $108,000 after purchasing an additional 1,467 shares in the last quarter. Finally, Shell Asset Management Co. grew its position in shares of Tandem Diabetes Care by 16.9% during the fourth quarter. Shell Asset Management Co. now owns 26,281 shares of the medical device company’s stock worth $947,000 after purchasing an additional 3,803 shares in the last quarter.

Tandem Diabetes Care Price Performance

The firm has a 50 day moving average of $34.95 and a 200-day moving average of $36.32. 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 company has a market cap of $1.38 billion, a P/E ratio of -10.77 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.