Tandem Diabetes Care (TNDM) Trading Down 6.9%

Tandem Diabetes Care Inc (NASDAQ:TNDM) shares traded down 6.9% on Friday . The stock traded as low as $46.00 and last traded at $47.63. 5,188,021 shares were traded during mid-day trading, an increase of 129% from the average session volume of 2,270,418 shares. The stock had previously closed at $51.17.

A number of research analysts recently commented on the company. Cowen reissued a “buy” rating and issued a $28.00 target price on shares of Tandem Diabetes Care in a research note on Tuesday, July 31st. Bank of America raised Tandem Diabetes Care from an “underperform” rating to a “neutral” rating and set a $45.00 target price on the stock in a research note on Friday, August 24th. Lake Street Capital increased their target price on Tandem Diabetes Care to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Dougherty & Co assumed coverage on Tandem Diabetes Care in a research note on Friday, August 24th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $25.00 target price (up previously from $7.50) on shares of Tandem Diabetes Care in a research note on Tuesday, July 31st. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $35.87.

The company has a market cap of $2.59 billion, a PE ratio of -3.70 and a beta of 0.35. The company has a quick ratio of 2.43, a current ratio of 3.02 and a debt-to-equity ratio of 2.97.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its quarterly earnings data on Monday, July 30th. The medical device company reported ($1.17) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.35) by ($0.82). The firm had revenue of $34.10 million during the quarter, compared to analysts’ expectations of $29.68 million. During the same quarter in the prior year, the business earned ($0.44) earnings per share. The company’s revenue was up 60.1% on a year-over-year basis. equities analysts predict that Tandem Diabetes Care Inc will post -1.44 EPS for the current fiscal year.

In related news, Director Richard P. Valencia acquired 1,754 shares of Tandem Diabetes Care stock in a transaction dated Friday, August 3rd. The shares were purchased at an average cost of $28.50 per share, with a total value of $49,989.00. Following the completion of the purchase, the director now owns 1,754 shares of the company’s stock, valued at $49,989. The transaction was disclosed in a document filed with the SEC, which is available through this link. 9.30% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the company. Legal & General Group Plc bought a new position in shares of Tandem Diabetes Care during the second quarter valued at about $147,000. California Public Employees Retirement System purchased a new stake in shares of Tandem Diabetes Care during the second quarter worth about $249,000. State Board of Administration of Florida Retirement System purchased a new stake in shares of Tandem Diabetes Care during the second quarter worth about $300,000. First Manhattan Co. purchased a new stake in shares of Tandem Diabetes Care during the second quarter worth about $336,000. Finally, Voya Investment Management LLC purchased a new stake in shares of Tandem Diabetes Care during the second quarter worth about $386,000. 62.77% of the stock is currently owned by hedge funds and other institutional investors.

Tandem Diabetes Care Company Profile (NASDAQ:TNDM)

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes various products for people with insulin-dependent diabetes in the United States. The company's flagship product is the t:slim X2 insulin delivery system that comprises t:slim X2 pump, its 300-unit disposable insulin cartridge, and an infusion set.

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