Zacks Investment Research Downgrades Tandem Diabetes Care (TNDM) to Hold

Tandem Diabetes Care (NASDAQ:TNDM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

According to Zacks, “Tandem Diabetes Care, Inc. is a medical device company. The Company designs, develops, and commercializes products for people with insulin-dependent diabetes. Its products include t:slim Insulin Delivery System. Tandem Diabetes Care, Inc. is headquartered in San Diego, California. “

Several other equities analysts have also recently issued reports on TNDM. MED boosted their price target on shares of Tandem Diabetes Care from $15.00 to $24.00 and gave the company an “outperform” rating in a research report on Monday, June 18th. Lake Street Capital initiated coverage on shares of Tandem Diabetes Care in a research report on Monday, June 18th. They set a “buy” rating and a $30.00 price target on the stock. Piper Jaffray Companies upgraded shares of Tandem Diabetes Care to an “overweight” rating and set a $25.00 price target on the stock in a research report on Friday, June 22nd. Robert W. Baird restated a “buy” rating and issued a $31.00 price objective on shares of Tandem Diabetes Care in a report on Monday, July 23rd. Finally, Cowen restated a “buy” rating and issued a $28.00 price objective on shares of Tandem Diabetes Care in a report on Tuesday, July 31st. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Tandem Diabetes Care presently has a consensus rating of “Buy” and a consensus target price of $42.18.

Shares of NASDAQ TNDM opened at $36.85 on Friday. Tandem Diabetes Care has a 1 year low of $2.14 and a 1 year high of $52.55. The company has a debt-to-equity ratio of 2.97, a quick ratio of 2.43 and a current ratio of 3.02. The stock has a market cap of $2.28 billion, a P/E ratio of -2.86 and a beta of 0.36.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its quarterly earnings results on Monday, July 30th. The medical device company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.82). The company had revenue of $34.10 million for the quarter, compared to the consensus estimate of $29.68 million. During the same quarter in the prior year, the company earned ($0.44) EPS. Tandem Diabetes Care’s revenue for the quarter was up 60.1% compared to the same quarter last year. As a group, equities analysts predict that Tandem Diabetes Care will post -1.41 EPS for the current fiscal year.

In other Tandem Diabetes Care news, Director Richard P. Valencia acquired 1,754 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were acquired at an average price of $28.50 per share, for a total transaction of $49,989.00. Following the completion of the acquisition, the director now owns 1,754 shares in the company, valued at $49,989. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 9.30% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of TNDM. Northern Trust Corp bought a new position in shares of Tandem Diabetes Care in the first quarter worth approximately $415,000. JPMorgan Chase & Co. bought a new position in shares of Tandem Diabetes Care in the first quarter worth approximately $593,000. Acuta Capital Partners LLC bought a new position in shares of Tandem Diabetes Care in the first quarter worth approximately $6,678,000. A.R.T. Advisors LLC lifted its stake in shares of Tandem Diabetes Care by 284.4% in the first quarter. A.R.T. Advisors LLC now owns 38,518 shares of the medical device company’s stock worth $191,000 after buying an additional 28,499 shares in the last quarter. Finally, Barclays PLC lifted its stake in shares of Tandem Diabetes Care by 75.7% in the first quarter. Barclays PLC now owns 47,100 shares of the medical device company’s stock worth $234,000 after buying an additional 20,300 shares in the last quarter. Hedge funds and other institutional investors own 62.74% of the company’s stock.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes various products for people with insulin-dependent diabetes in the United States. The company's flagship product is the t:slim X2 insulin delivery system that comprises t:slim X2 pump, its 300-unit disposable insulin cartridge, and an infusion set.

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