Tandem Diabetes Care (NASDAQ:TNDM) Shares Gap Down - What's Next?

Key Points

• Tandem Diabetes Care shares initially gapped down from a prior close of $18.79 to an opening price of $17.39, though they later traded at $20.746, up 13.8%.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $28.77; Mizuho lowered its target to $20, while Oppenheimer maintained an “Outperform” rating.
• In its latest quarter, Tandem reported an adjusted loss of $0.31 per share, narrowly beating estimates, while revenue reached $254.56 million and increased 5.8% year over year. The company remains unprofitable, with a negative net margin of 9.20%.

Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Get Free Report)'s stock price gapped down before the market opened on Friday . The stock had previously closed at $18.79, but opened at $17.39. Tandem Diabetes Care shares last traded at $20.7460, with a volume of 834,569 shares changing hands.

Analyst Ratings Changes

TNDM has been the topic of several recent analyst reports. Weiss Ratings downgraded Tandem Diabetes Care from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, June 11th. Benchmark assumed coverage on Tandem Diabetes Care in a research report on Monday, May 11th. They issued a "hold" rating for the company. Zacks Research downgraded shares of Tandem Diabetes Care from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 10th. Mizuho cut their target price on shares of 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. Finally, Oppenheimer reiterated an "outperform" rating on shares of Tandem Diabetes Care in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Tandem Diabetes Care has a consensus rating of "Hold" and an average price target of $28.77.

Tandem Diabetes Care Stock Up 13.8%

The firm has a 50 day moving average of $16.87 and a 200-day moving average of $18.86. 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 stock has a market capitalization of $1.46 billion, a P/E ratio of -15.28 and a beta of 1.54.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last issued its earnings results 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. The business had revenue of $254.56 million during the quarter, compared to analyst estimates of $254.99 million. Tandem Diabetes Care had a negative return on equity of 53.88% and a negative net margin of 9.20%.Tandem Diabetes Care's revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.78) earnings per share. On average, equities research analysts expect that Tandem Diabetes Care, Inc. will post -0.72 earnings per share for the current fiscal year.

Institutional Trading of Tandem Diabetes Care

Several institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC raised its position in Tandem Diabetes Care by 80.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company's stock worth $30,000 after purchasing an additional 593 shares in the last quarter. OP Asset Management Ltd acquired a new position in shares of Tandem Diabetes Care in the 1st quarter worth approximately $35,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Tandem Diabetes Care by 200.0% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 2,205 shares of the medical device company's stock worth $27,000 after buying an additional 1,470 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Tandem Diabetes Care by 67.4% during the 4th quarter. Van ECK Associates Corp now owns 3,430 shares of the medical device company's stock worth $75,000 after buying an additional 1,381 shares during the period. Finally, Creative Financial Designs Inc. ADV boosted its stake in Tandem Diabetes Care by 36.0% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 3,431 shares of the medical device company's stock valued at $75,000 after buying an additional 909 shares in 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source