Tandem Diabetes Care (NASDAQ:TNDM) Receives "Buy" Rating from Truist Financial

Key Points

• Truist Financial reiterated a “buy” rating on Tandem Diabetes Care and set a $31 price target, down from $35. The new target still implies significant upside from the prior close.
• The latest analyst consensus on TNDM remains “Moderate Buy”, with several firms offering mixed views and price targets ranging from bearish to bullish, including Barclays at $55 and Lake Street Capital at $50.
• Tandem Diabetes Care recently reported better-than-expected quarterly results, with EPS of -$0.30 versus expectations of -$0.46 and revenue of $247.22 million, up 5.5% year over year.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Truist Financial in a report released on Monday,Benzinga reports. They presently have a $31.00 price target on the medical device company's stock, down from their prior price target of $35.00. Truist Financial's price objective would suggest a potential upside of 111.46% from the company's previous close.

Several other research analysts have also weighed in on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Tandem Diabetes Care in a research report on Wednesday, January 21st. 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 research report on Monday, February 23rd. Morgan Stanley increased their price target on shares of Tandem Diabetes Care from $23.00 to $25.00 and gave the company an "equal weight" rating in a research report on Monday, March 2nd. TD Cowen reiterated a "buy" rating and issued a $28.00 price target (up from $25.00) on shares of Tandem Diabetes Care in a research report on Monday, April 20th. Finally, Barclays set a $55.00 price target on shares of Tandem Diabetes Care and gave the company an "overweight" rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.89.

Tandem Diabetes Care Stock Performance

Shares of TNDM traded down $0.82 during mid-day trading on Monday, hitting $14.66. 956,151 shares of the company's stock were exchanged, compared to its average volume of 1,966,640. Tandem Diabetes Care has a fifty-two week low of $9.98 and a fifty-two week high of $29.65. The firm has a market capitalization of $1.00 billion, a P/E ratio of -10.48 and a beta of 1.64. The business's 50 day moving average is $21.32 and its two-hundred day moving average is $20.33. The company has a current ratio of 3.58, a quick ratio of 3.07 and a debt-to-equity ratio of 4.54.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last announced its earnings results on Thursday, May 7th. The medical device company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.16. The business had revenue of $247.22 million during the quarter, compared to the consensus estimate of $240.41 million. Tandem Diabetes Care had a negative net margin of 9.20% and a negative return on equity of 53.88%. The business's quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.66) earnings per share. On average, equities analysts expect that Tandem Diabetes Care will post -0.93 earnings per share for the current year.

Hedge Funds Weigh In On Tandem Diabetes Care

A number of hedge funds have recently made changes to their positions in the business. Freestone Grove Partners LP purchased a new position in shares of Tandem Diabetes Care in the 3rd quarter valued at $22,706,000. Assenagon Asset Management S.A. purchased a new position in shares of Tandem Diabetes Care in the 4th quarter valued at $26,988,000. First Light Asset Management LLC purchased a new position in shares of Tandem Diabetes Care in the 4th quarter valued at $23,947,000. BNP Paribas Financial Markets raised its stake in shares of Tandem Diabetes Care by 468.5% in the 4th quarter. BNP Paribas Financial Markets now owns 1,248,481 shares of the medical device company's stock valued at $27,442,000 after acquiring an additional 1,028,866 shares during the period. Finally, ArrowMark Colorado Holdings LLC increased its stake in Tandem Diabetes Care by 36.7% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,691,198 shares of the medical device company's stock worth $44,811,000 after buying an additional 991,649 shares during the period.

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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