Tandem Diabetes Care (NASDAQ:TNDM) Price Target Lowered to $20.00 at Mizuho

Key Points

• Mizuho cut its price target on Tandem Diabetes Care from $24 to $20 while keeping a neutral rating, implying about 28.7% upside from the current share price.
• Analyst sentiment remains mixed overall: MarketBeat shows an average Hold rating and an average price target of $28.93, with multiple firms issuing varying buy/hold recommendations.
• Tandem Diabetes Care reported better-than-expected Q1 results, with EPS of -$0.30 versus estimates of -$0.46 and revenue of $247.22 million, up 5.5% year over year.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) had its target price decreased by stock analysts at Mizuho from $24.00 to $20.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the medical device company's stock. Mizuho's target price suggests a potential upside of 28.73% from the company's current price.

Several other brokerages have also issued reports on TNDM. Benchmark started coverage on shares of Tandem Diabetes Care in a research note on Monday, May 11th. They set a "hold" rating for the company. Wells Fargo & Company upgraded shares of Tandem Diabetes Care from a "buy" rating to an "overweight" rating and increased their price target for the company from $21.00 to $27.00 in a research report on Monday, June 1st. The Goldman Sachs Group set a $21.00 price target on shares of Tandem Diabetes Care in a report on Wednesday, May 27th. Barclays set a $55.00 price objective on shares of Tandem Diabetes Care and gave the stock an "overweight" rating in a report on Monday, May 11th. Finally, Piper Sandler raised Tandem Diabetes Care from a "neutral" rating to an "overweight" rating and upped their price target for the company from $21.00 to $33.00 in a report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Tandem Diabetes Care currently has an average rating of "Hold" and an average price target of $28.93.

Tandem Diabetes Care Price Performance

NASDAQ:TNDM traded down $0.00 during trading hours on Wednesday, hitting $15.54. The company's stock had a trading volume of 496,498 shares, compared to its average volume of 2,142,750. The stock has a fifty day simple moving average of $15.89 and a 200-day simple moving average of $19.33. Tandem Diabetes Care has a twelve month low of $9.98 and a twelve month high of $29.65. The company has a debt-to-equity ratio of 4.54, a current ratio of 3.58 and a quick ratio of 3.07. The company has a market capitalization of $1.06 billion, a P/E ratio of -11.11 and a beta of 1.58.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last posted its earnings results on Thursday, May 7th. The medical device company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.16. Tandem Diabetes Care had a negative return on equity of 53.88% and a negative net margin of 9.20%.The firm had revenue of $247.22 million during the quarter, compared to the consensus estimate of $240.41 million. During the same period last year, the company earned ($0.66) earnings per share. The business's quarterly revenue was up 5.5% on a year-over-year basis. On average, analysts anticipate that Tandem Diabetes Care will post -0.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Tandem Diabetes Care

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Tandem Diabetes Care by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 7,341,356 shares of the medical device company's stock valued at $161,363,000 after buying an additional 278,042 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Tandem Diabetes Care by 42.3% during the fourth quarter. Jennison Associates LLC now owns 2,021,376 shares of the medical device company's stock worth $44,430,000 after buying an additional 601,260 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Tandem Diabetes Care in the third quarter valued at about $22,706,000. Goldman Sachs Group Inc. boosted its stake in Tandem Diabetes Care by 17.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,683,400 shares of the medical device company's stock worth $37,001,000 after buying an additional 252,028 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Tandem Diabetes Care by 11.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,653,708 shares of the medical device company's stock valued at $36,349,000 after buying an additional 171,755 shares during the last quarter.

Tandem Diabetes Care Company Profile

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.

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