Wells Fargo & Company Has Lowered Expectations for Tandem Diabetes Care (NASDAQ:TNDM) Stock Price

Key Points

• Wells Fargo & Company has decreased its price target for Tandem Diabetes Care from $20.00 to $13.00, maintaining an "equal weight" rating, indicating potential upside of 16.99% from the previous close.
• Several analysts have revised their ratings for Tandem Diabetes Care, with projections varying from "sell" to "hold" and target prices ranging from $14.00 to $24.00.
• Tandem Diabetes Care's stock price has fallen 22.8%, reaching $11.11 and marking a significant decline from its twelve-month high of $47.60.

Tandem Diabetes Care (NASDAQ:TNDM - Free Report) had its target price lowered by Wells Fargo & Company from $20.00 to $13.00 in a research note published 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 recently commented on the company. Truist Financial began coverage on Tandem Diabetes Care in a research report on Monday, June 16th. They set a "hold" rating and a $24.00 target price on the stock. Mizuho began coverage on Tandem Diabetes Care in a research report on Thursday, April 10th. They set a "neutral" rating and a $20.00 target price on the stock. Canaccord Genuity Group raised their target price on Tandem Diabetes Care from $58.00 to $59.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Piper Sandler cut Tandem Diabetes Care from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $30.00 to $14.00 in a research report on Thursday. Finally, Royal Bank Of Canada dropped their target price on Tandem Diabetes Care from $45.00 to $25.00 and set an "outperform" rating on the stock in a research report on Thursday. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Tandem Diabetes Care has a consensus rating of "Hold" and a consensus price target of $22.67.

Tandem Diabetes Care Stock Down 10.0%

Shares of TNDM traded down $1.12 during midday trading on Thursday, hitting $10.11. 3,127,767 shares of the company's stock traded hands, compared to its average volume of 1,690,951. Tandem Diabetes Care has a 1 year low of $9.98 and a 1 year high of $47.60. The firm's fifty day moving average is $17.56 and its 200-day moving average is $21.36. The company has a current ratio of 2.44, a quick ratio of 1.88 and a debt-to-equity ratio of 2.32. The stock has a market capitalization of $683.12 million, a price-to-earnings ratio of -3.27 and a beta of 1.46.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The medical device company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.08). The firm had revenue of $240.68 million during the quarter, compared to analysts' expectations of $238.39 million. Tandem Diabetes Care had a negative return on equity of 65.40% and a negative net margin of 20.51%. The business's revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.47) EPS. As a group, sell-side analysts anticipate that Tandem Diabetes Care will post -1.68 earnings per share for the current year.

Institutional Investors Weigh In On Tandem Diabetes Care

A number of institutional investors have recently modified their holdings of TNDM. Sessa Capital IM L.P. acquired a new stake in shares of Tandem Diabetes Care during the 1st quarter worth about $85,574,000. Hood River Capital Management LLC purchased a new position in shares of Tandem Diabetes Care during the fourth quarter worth about $46,035,000. Jacobs Levy Equity Management Inc. grew its holdings in shares of Tandem Diabetes Care by 189.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,661,013 shares of the medical device company's stock worth $59,830,000 after purchasing an additional 1,086,337 shares during the last quarter. Brown Advisory Inc. purchased a new position in shares of Tandem Diabetes Care during the fourth quarter worth about $32,889,000. Finally, GW&K Investment Management LLC grew its holdings in shares of Tandem Diabetes Care by 34.9% during the first quarter. GW&K Investment Management LLC now owns 2,863,987 shares of the medical device company's stock worth $54,874,000 after purchasing an additional 740,499 shares during the last quarter.

Tandem Diabetes Care Company Profile

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.