Tandem Diabetes Care (NASDAQ:TNDM) Trading Down 4.2% – Here’s What Happened

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares dropped 4.2% during trading on Friday . The company traded as low as $17.62 and last traded at $17.5360. Approximately 189,614 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 2,071,849 shares. The stock had previously closed at $18.31.

Analyst Ratings Changes

Several research analysts recently weighed in on TNDM shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tandem Diabetes Care in a research report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Tandem Diabetes Care in a research note on Tuesday, June 23rd. They set a “hold” rating and a $15.50 price objective on the stock. Canaccord Genuity Group set a $40.00 target price on shares of Tandem Diabetes Care in a report on Friday, August 7th. William Blair initiated coverage on shares of Tandem Diabetes Care in a research note on Friday, August 21st. They issued an “outperform” rating for the company. Finally, Citigroup reissued a “neutral” rating and set a $21.00 price target (up from $17.00) on shares of Tandem Diabetes Care in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $29.34.

Tandem Diabetes Care Stock Down 2.9%

The company has a market cap of $1.24 billion, a PE ratio of -19.24 and a beta of 1.55. The business has a 50-day simple moving average of $19.43 and a 200-day simple moving average of $19.20. The company has a quick ratio of 2.65, a current ratio of 3.18 and a debt-to-equity ratio of 4.62.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its earnings results on Thursday, August 6th. The medical device company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.01. Tandem Diabetes Care had a negative return on equity of 45.97% and a negative net margin of 6.08%.The firm had revenue of $254.56 million for the quarter, compared to analyst estimates of $254.99 million. During the same quarter last year, the firm posted ($0.78) EPS. The business’s revenue was up 5.8% on a year-over-year basis. Equities research analysts anticipate that Tandem Diabetes Care, Inc. will post -0.65 EPS for the current year.

Institutional Trading of Tandem Diabetes Care

Several institutional investors have recently modified their holdings of the stock. First Light Asset Management LLC increased its stake in shares of Tandem Diabetes Care by 157.4% during the second quarter. First Light Asset Management LLC now owns 3,383,553 shares of the medical device company’s stock worth $51,058,000 after purchasing an additional 2,068,838 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in Tandem Diabetes Care in the 3rd quarter worth about $22,706,000. Goldman Sachs Group Inc. boosted its holdings in Tandem Diabetes Care by 17.6% in the 4th 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 last quarter. Jacobs Levy Equity Management Inc. increased its stake in Tandem Diabetes Care by 11.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,653,708 shares of the medical device company’s stock worth $36,349,000 after buying an additional 171,755 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Tandem Diabetes Care by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 1,649,383 shares of the medical device company’s stock valued at $36,260,000 after acquiring an additional 51,102 shares during 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.