Engineers Gate Manager LP Makes New Investment in Tandem Diabetes Care, Inc. $TNDM

Key Points

• Engineers Gate Manager LP acquired 64,662 shares of Tandem Diabetes Care valued at approximately $976,000, representing about 0.09% ownership. Several other institutional investors also increased their positions or initiated new stakes.
• Analyst sentiment is mixed: Tandem has an average “Hold” rating and a consensus price target of $29.34, although recent targets range from $20 to $40.
• The stock opened at $16.87, down 2.1%, while quarterly results showed a smaller-than-expected loss of $0.31 per share and 5.8% year-over-year revenue growth to $254.56 million.

Engineers Gate Manager LP acquired a new position in shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 64,662 shares of the medical device company's stock, valued at approximately $976,000. Engineers Gate Manager LP owned about 0.09% of Tandem Diabetes Care at the end of the most recent quarter.

Several other large investors have also modified their holdings of TNDM. BNP Paribas Financial Markets increased its position in Tandem Diabetes Care by 468.5% during the fourth quarter. BNP Paribas Financial Markets now owns 1,248,481 shares of the medical device company's stock worth $27,442,000 after buying an additional 1,028,866 shares during the period. First Light Asset Management LLC increased its stake in Tandem Diabetes Care by 20.7% in the first quarter. First Light Asset Management LLC now owns 1,314,715 shares of the medical device company's stock valued at $25,203,000 after purchasing an additional 225,222 shares during the period. Defilade Capital Management L.P. acquired a new position in Tandem Diabetes Care in the first quarter valued at $14,606,000. Royce & Associates LP increased its stake in Tandem Diabetes Care by 27.5% in the fourth quarter. Royce & Associates LP now owns 650,250 shares of the medical device company's stock valued at $14,292,000 after purchasing an additional 140,250 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in shares of Tandem Diabetes Care by 123.5% in the first quarter. Quantinno Capital Management LP now owns 653,870 shares of the medical device company's stock valued at $12,535,000 after buying an additional 361,361 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Royal Bank Of Canada reiterated an "outperform" rating and set a $26.00 target price (down from $30.00) on shares of Tandem Diabetes Care in a research note on Friday, August 7th. Canaccord Genuity Group set a $40.00 price target on Tandem Diabetes Care in a research report on Friday, August 7th. Mizuho reduced their price objective on Tandem Diabetes Care from $24.00 to $20.00 and set a "neutral" rating for the company in a research note on Wednesday, July 15th. Citigroup reaffirmed a "neutral" rating and set a $21.00 price objective (up from $17.00) on shares of Tandem Diabetes Care in a research report on Friday, August 7th. Finally, Zacks Research downgraded Tandem Diabetes Care from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Tandem Diabetes Care presently has an average rating of "Hold" and a consensus target price of $29.34.

Tandem Diabetes Care Stock Down 2.1%

Tandem Diabetes Care stock opened at $16.87 on Friday. Tandem Diabetes Care, Inc. has a fifty-two week low of $11.46 and a fifty-two week high of $29.65. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -18.14 and a beta of 1.55. The stock's fifty day moving average is $19.62 and its two-hundred day moving average is $18.85. The company has a debt-to-equity ratio of 4.62, a quick ratio of 2.65 and a current ratio of 3.18.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The medical device company reported ($0.31) EPS for the quarter, beating analysts' consensus estimates of ($0.32) by $0.01. Tandem Diabetes Care had a negative net margin of 6.08% and a negative return on equity of 45.97%. The firm had revenue of $254.56 million for the quarter, compared to analysts' expectations of $254.99 million. During the same period in the prior year, the company earned ($0.78) EPS. The firm's revenue was up 5.8% on a year-over-year basis. Analysts predict that Tandem Diabetes Care, Inc. will post -0.65 EPS for the current fiscal year.

Tandem Diabetes Care Company Profile

Tandem Diabetes Care, Inc is a medical technology company that develops and commercializes insulin-delivery systems for people with diabetes. Headquartered in San Diego, California, the company focuses on combining wearable insulin pumps, continuous glucose monitoring connectivity and automated insulin-delivery software to help users manage their blood glucose levels.

Its product portfolio includes the t:slim X2 insulin pump, a touchscreen pump designed for integration with compatible continuous glucose monitors, and the smaller, wearable t:slim Mobi pump.

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