TELA Bio (NASDAQ:TELA) Lowered to Neutral Rating by Piper Sandler

TELA Bio (NASDAQ:TELA) was downgraded by investment analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Friday, Marketbeat reports. They currently have a $2.00 price objective on the stock, down from their prior price objective of $5.00. Piper Sandler’s price target suggests a potential downside of 14.53% from the stock’s current price.

TELA Bio Stock Down 0.8 %

NASDAQ:TELA opened at $2.34 on Friday. The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81. The company’s fifty day moving average price is $2.58 and its 200-day moving average price is $2.71. TELA Bio has a 1-year low of $1.87 and a 1-year high of $6.50. The firm has a market capitalization of $92.17 million, a P/E ratio of -1.38 and a beta of 1.10.

TELA Bio (NASDAQ:TELA) last posted its quarterly earnings results on Thursday, March 20th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.01. The company had revenue of $17.65 million for the quarter, compared to analyst estimates of $23.17 million. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. As a group, equities research analysts anticipate that TELA Bio will post -1.37 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of TELA. Stonepine Capital Management LLC grew its stake in shares of TELA Bio by 112.0% during the 4th quarter. Stonepine Capital Management LLC now owns 2,353,099 shares of the company’s stock worth $7,106,000 after purchasing an additional 1,243,099 shares during the period. Mink Brook Asset Management LLC acquired a new stake in TELA Bio during the fourth quarter valued at $1,078,000. DAFNA Capital Management LLC purchased a new position in TELA Bio in the fourth quarter valued at $4,352,000. Cubist Systematic Strategies LLC raised its position in shares of TELA Bio by 95.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company’s stock worth $95,000 after acquiring an additional 15,283 shares during the period. Finally, Jane Street Group LLC boosted its stake in shares of TELA Bio by 30.5% during the 4th quarter. Jane Street Group LLC now owns 30,705 shares of the company’s stock worth $93,000 after acquiring an additional 7,174 shares in the last quarter. 94.35% of the stock is owned by institutional investors and hedge funds.

About TELA Bio

TELA Bio, Inc, a commercial-stage medical technology company, focuses on providing soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation and restoration of the patient's anatomy. The company provides a portfolio of OviTex Reinforced Tissue Matrix (OviTex) products for hernia repair and abdominal wall reconstruction; and OviTex PRS Reinforced Tissue Matrix products to address the unmet needs in plastic and reconstructive surgery, as well as OviTex for Laparoscopic and Robotic Procedures, a sterile reinforced tissue matrix derived from ovine rumen with polypropylene fiber intended to be used in laparoscopic and robotic-assisted hernia surgical repairs.