Tandem Diabetes Care (NASDAQ:TNDM) Earns Buy Rating from Canaccord Genuity Group

Tandem Diabetes Care (NASDAQ:TNDM)‘s stock had its “buy” rating reissued by investment analysts at Canaccord Genuity Group in a research note issued to investors on Monday,Benzinga reports. They currently have a $24.00 price objective on the medical device company’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 103.77% from the stock’s previous close.

Several other research analysts have also recently issued reports on TNDM. Wells Fargo & Company cut their price objective on Tandem Diabetes Care from $20.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, August 7th. Oppenheimer initiated coverage on Tandem Diabetes Care in a report on Monday, September 8th. They set an “outperform” rating and a $22.00 target price on the stock. UBS Group dropped their price target on Tandem Diabetes Care from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Lake Street Capital cut Tandem Diabetes Care from a “buy” rating to a “hold” rating and cut their price target for the stock from $75.00 to $12.00 in a report on Monday, August 11th. Finally, Royal Bank Of Canada dropped their price objective on Tandem Diabetes Care from $45.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $22.44.

Tandem Diabetes Care Stock Performance

Shares of Tandem Diabetes Care stock traded down $0.22 during trading hours on Monday, hitting $11.78. 113,266 shares of the company were exchanged, compared to its average volume of 1,733,659. Tandem Diabetes Care has a 1 year low of $9.98 and a 1 year high of $43.21. 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 business has a 50-day moving average of $12.93 and a 200-day moving average of $17.00. The stock has a market capitalization of $795.84 million, a price-to-earnings ratio of -3.83 and a beta of 1.45.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Wednesday, August 6th. The medical device company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.08). Tandem Diabetes Care had a negative return on equity of 65.40% and a negative net margin of 20.51%.The company had revenue of $240.68 million for the quarter, compared to analysts’ expectations of $238.39 million. During the same quarter last year, the company earned ($0.47) EPS. Tandem Diabetes Care’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, analysts expect that Tandem Diabetes Care will post -1.68 EPS for the current fiscal year.

Insider Transactions at Tandem Diabetes Care

In related news, CFO Leigh Vosseller acquired 13,720 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $10.89 per share, with a total value of $149,410.80. Following the purchase, the chief financial officer directly owned 25,580 shares in the company, valued at $278,566.20. The trade was a 115.68% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John F. Sheridan acquired 10,000 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were bought at an average cost of $10.23 per share, with a total value of $102,300.00. Following the purchase, the chief executive officer owned 106,327 shares in the company, valued at approximately $1,087,725.21. The trade was a 10.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Tandem Diabetes Care

Hedge funds and other institutional investors have recently modified their holdings of the company. Assetmark Inc. grew its stake in Tandem Diabetes Care by 42.9% during the 1st quarter. Assetmark Inc. now owns 1,750 shares of the medical device company’s stock valued at $34,000 after acquiring an additional 525 shares in the last quarter. KBC Group NV grew its stake in Tandem Diabetes Care by 0.7% during the 1st quarter. KBC Group NV now owns 193,808 shares of the medical device company’s stock valued at $3,713,000 after acquiring an additional 1,329 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Tandem Diabetes Care by 8.8% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,101 shares of the medical device company’s stock valued at $319,000 after acquiring an additional 1,384 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in Tandem Diabetes Care by 10.1% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 15,299 shares of the medical device company’s stock valued at $285,000 after acquiring an additional 1,399 shares in the last quarter. Finally, State of Wyoming grew its stake in Tandem Diabetes Care by 49.1% during the 1st quarter. State of Wyoming now owns 4,467 shares of the medical device company’s stock valued at $86,000 after acquiring an additional 1,471 shares in the last quarter.

About Tandem Diabetes Care

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.