Tandem Diabetes Care (NASDAQ:TNDM) Trading Up 9% Following Analyst Upgrade

Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) rose 9% on Monday after Lake Street Capital upgraded the stock from a hold rating to a buy rating. Lake Street Capital now has a $50.00 price target on the stock. Tandem Diabetes Care traded as high as $27.92 and last traded at $26.7820. Approximately 857,729 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 1,572,325 shares. The stock had previously closed at $24.57.

Several other research firms also recently weighed in on TNDM. Morgan Stanley set a $23.00 price target on shares of Tandem Diabetes Care and gave the company an “equal weight” rating in a research note on Tuesday, December 2nd. Canaccord Genuity Group set a $35.00 target price on Tandem Diabetes Care and gave the company a “buy” rating in a research report on Wednesday, December 17th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $25.00 price target (up previously from $18.00) on shares of Tandem Diabetes Care in a report on Friday, January 9th. Robert W. Baird set a $30.00 price objective on Tandem Diabetes Care and gave the company an “outperform” rating in a research note on Tuesday, December 16th. Finally, Wells Fargo & Company upped their target price on Tandem Diabetes Care from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Tandem Diabetes Care has a consensus rating of “Hold” and a consensus target price of $28.00.

Institutional Trading of Tandem Diabetes Care

Several institutional investors have recently made changes to their positions in TNDM. Corient Private Wealth LLC purchased a new stake in shares of Tandem Diabetes Care in the fourth quarter valued at about $346,000. Mercer Global Advisors Inc. ADV purchased a new stake in Tandem Diabetes Care in the 4th quarter valued at about $248,000. EP Wealth Advisors LLC bought a new position in shares of Tandem Diabetes Care during the 4th quarter worth approximately $219,000. Wellington Management Group LLP purchased a new position in shares of Tandem Diabetes Care in the 4th quarter worth approximately $2,161,000. Finally, Man Group plc bought a new position in shares of Tandem Diabetes Care in the fourth quarter valued at approximately $281,000.

Tandem Diabetes Care Stock Up 9.9%

The stock has a 50-day moving average of $20.91 and a 200 day moving average of $17.04. The company has a market capitalization of $1.84 billion, a PE ratio of -8.74 and a beta of 1.68. The company has a quick ratio of 2.02, a current ratio of 2.55 and a debt-to-equity ratio of 2.00.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its quarterly earnings data on Thursday, February 19th. The medical device company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.04. Tandem Diabetes Care had a negative return on equity of 68.23% and a negative net margin of 20.17%.The business had revenue of $290.38 million for the quarter, compared to analysts’ expectations of $277.14 million. During the same quarter in the previous year, the firm earned $0.01 earnings per share. The business’s revenue was up 15.1% on a year-over-year basis. Sell-side analysts anticipate that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current year.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc (NASDAQ: TNDM), headquartered in San Diego, California, is a medical device company focused on the design, development and commercialization of innovative insulin delivery systems for people with insulin-dependent diabetes. Founded in 2006, the company introduced its first product, the t:slim® Insulin Pump, in 2011 and has since built a portfolio of next-generation pumps featuring touchscreen interfaces, remote software updates and integrated continuous glucose monitoring (CGM) capabilities.

The company’s flagship offering, the t:slim X2® Insulin Pump, is engineered to work with leading CGM sensors and features automated insulin delivery algorithms that adjust basal insulin rates based on real-time glucose trends.