Tandem Diabetes Care (NASDAQ:TNDM) Stock Price Down 6.6% – Here’s What Happened

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s stock price was down 6.6% during mid-day trading on Friday . The company traded as low as $21.54 and last traded at $21.7750. Approximately 742,799 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 1,991,973 shares. The stock had previously closed at $23.32.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Morgan Stanley raised their price target on Tandem Diabetes Care from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, March 2nd. Sanford C. Bernstein reiterated a “market perform” rating and issued a $25.00 price objective (up from $18.00) on shares of Tandem Diabetes Care in a research report on Friday, January 9th. The Goldman Sachs Group reissued a “neutral” rating and set a $28.00 target price on shares of Tandem Diabetes Care in a research note on Monday, February 23rd. Lake Street Capital upgraded shares of Tandem Diabetes Care from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Monday, February 23rd. Finally, Robert W. Baird set a $30.00 price target on shares of Tandem Diabetes Care and gave the company an “outperform” rating in a research note on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $29.22.

Tandem Diabetes Care Price Performance

The stock has a market cap of $1.43 billion, a price-to-earnings ratio of -6.84 and a beta of 1.63. The company has a 50 day simple moving average of $21.73 and a 200-day simple moving average of $19.11. The company has a current ratio of 2.55, a quick ratio of 2.02 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 company had revenue of $290.38 million during the quarter, compared to analysts’ expectations of $277.14 million. During the same period in the prior year, the firm earned $0.01 earnings per share. Tandem Diabetes Care’s revenue for the quarter was up 15.1% compared to the same quarter last year. Research analysts expect that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current year.

Hedge Funds Weigh In On Tandem Diabetes Care

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Tandem Diabetes Care by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 7,341,356 shares of the medical device company’s stock worth $161,363,000 after purchasing an additional 278,042 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its holdings in Tandem Diabetes Care by 36.7% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,691,198 shares of the medical device company’s stock worth $44,811,000 after purchasing an additional 991,649 shares during the last quarter. Hood River Capital Management LLC grew its position in Tandem Diabetes Care by 10.9% in the second quarter. Hood River Capital Management LLC now owns 2,564,978 shares of the medical device company’s stock valued at $47,811,000 after purchasing an additional 252,934 shares in the last quarter. Paradice Investment Management LLC grew its position in Tandem Diabetes Care by 24.3% in the third quarter. Paradice Investment Management LLC now owns 2,196,468 shares of the medical device company’s stock valued at $26,665,000 after purchasing an additional 429,289 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in Tandem Diabetes Care by 42.3% in the 4th quarter. Jennison Associates LLC now owns 2,021,376 shares of the medical device company’s stock valued at $44,430,000 after buying an additional 601,260 shares during the last quarter.

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.