Wells Fargo & Company Issues Pessimistic Forecast for Tandem Diabetes Care (NASDAQ:TNDM) Stock Price

Tandem Diabetes Care (NASDAQ:TNDM) had its price target cut by Wells Fargo & Company from $22.00 to $20.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the medical device company’s stock.

A number of other equities research analysts have also issued reports on TNDM. Robert W. Baird reduced their price target on Tandem Diabetes Care from $33.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday. Morgan Stanley cut shares of Tandem Diabetes Care from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $45.00 to $22.00 in a report on Wednesday, March 5th. Canaccord Genuity Group reiterated a “buy” rating and set a $63.00 price target on shares of Tandem Diabetes Care in a report on Wednesday, February 26th. The Goldman Sachs Group dropped their price objective on shares of Tandem Diabetes Care from $42.00 to $24.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Finally, Royal Bank of Canada decreased their price objective on shares of Tandem Diabetes Care from $65.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.81.

Tandem Diabetes Care Trading Up 7.5 %

Shares of TNDM stock opened at $21.48 on Thursday. Tandem Diabetes Care has a fifty-two week low of $15.75 and a fifty-two week high of $53.69. The company has a 50 day moving average price of $18.80 and a 200 day moving average price of $28.57. The stock has a market capitalization of $1.43 billion, a P/E ratio of -11.13 and a beta of 1.52. The company has a debt-to-equity ratio of 1.29, a quick ratio of 2.32 and a current ratio of 2.90.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its quarterly earnings results on Wednesday, April 30th. The medical device company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.07). The business had revenue of $234.42 million during the quarter, compared to analyst estimates of $220.19 million. Tandem Diabetes Care had a negative return on equity of 44.19% and a negative net margin of 14.84%. The business’s revenue was up 22.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.65) EPS. Equities research analysts predict that Tandem Diabetes Care will post -1.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tandem Diabetes Care news, COO Jean-Claude Kyrillos acquired 10,538 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average price of $18.12 per share, with a total value of $190,948.56. Following the completion of the acquisition, the chief operating officer now directly owns 10,538 shares of the company’s stock, valued at approximately $190,948.56. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tandem Diabetes Care

Several institutional investors have recently made changes to their positions in TNDM. Hood River Capital Management LLC acquired a new stake in shares of Tandem Diabetes Care in the fourth quarter valued at about $46,035,000. Jacobs Levy Equity Management Inc. lifted its position in shares of Tandem Diabetes Care by 189.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,661,013 shares of the medical device company’s stock valued at $59,830,000 after acquiring an additional 1,086,337 shares during the period. Brown Advisory Inc. acquired a new stake in shares of Tandem Diabetes Care during the 4th quarter valued at approximately $32,889,000. Park West Asset Management LLC boosted its stake in shares of Tandem Diabetes Care by 49.5% during the 4th quarter. Park West Asset Management LLC now owns 1,600,000 shares of the medical device company’s stock worth $57,632,000 after acquiring an additional 530,000 shares in the last quarter. Finally, Baillie Gifford & Co. grew its holdings in shares of Tandem Diabetes Care by 235.7% in the 4th quarter. Baillie Gifford & Co. now owns 746,109 shares of the medical device company’s stock worth $26,875,000 after acquiring an additional 523,843 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.