Tandem Diabetes Care (NASDAQ:TNDM) Cut to “Neutral” at Citigroup

Citigroup lowered shares of Tandem Diabetes Care (NASDAQ:TNDM) from a buy rating to a neutral rating in a report released on Tuesday, Marketbeat reports. Citigroup currently has $24.00 price target on the medical device company’s stock, down from their previous price target of $35.00.

TNDM has been the subject of a number of other reports. Morgan Stanley raised shares of Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a report on Monday, December 2nd. The Goldman Sachs Group cut their price target on shares of Tandem Diabetes Care from $42.00 to $24.00 and set a “neutral” rating for the company in a research note on Monday. Sanford C. Bernstein lowered Tandem Diabetes Care from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $35.00 to $25.00 in a research note on Friday, February 28th. Barclays cut their price objective on Tandem Diabetes Care from $60.00 to $53.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, Robert W. Baird dropped their target price on shares of Tandem Diabetes Care from $37.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Tandem Diabetes Care currently has an average rating of “Moderate Buy” and a consensus target price of $45.38.

Tandem Diabetes Care Stock Performance

Shares of NASDAQ TNDM opened at $18.72 on Tuesday. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -9.70 and a beta of 1.32. Tandem Diabetes Care has a one year low of $18.27 and a one year high of $53.69. The business has a fifty day simple moving average of $33.55 and a 200 day simple moving average of $35.75. The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 1.29.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Bellevue Group AG increased its stake in shares of Tandem Diabetes Care by 19.9% in the 3rd quarter. Bellevue Group AG now owns 1,850,891 shares of the medical device company’s stock valued at $78,496,000 after buying an additional 307,624 shares during the period. JPMorgan Chase & Co. boosted its holdings in Tandem Diabetes Care by 134.6% in the third quarter. JPMorgan Chase & Co. now owns 197,583 shares of the medical device company’s stock valued at $8,379,000 after acquiring an additional 113,355 shares during the last quarter. MetLife Investment Management LLC increased its position in Tandem Diabetes Care by 129.1% in the third quarter. MetLife Investment Management LLC now owns 37,422 shares of the medical device company’s stock worth $1,587,000 after purchasing an additional 21,086 shares during the period. Oppenheimer & Co. Inc. raised its holdings in Tandem Diabetes Care by 368.5% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 26,125 shares of the medical device company’s stock worth $1,108,000 after purchasing an additional 20,549 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Tandem Diabetes Care by 32.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 272,097 shares of the medical device company’s stock valued at $11,540,000 after purchasing an additional 66,687 shares during the period.

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.