Tandem Diabetes Care (NASDAQ:TNDM) Trading Up 7.7% – Here’s What Happened

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares were up 7.7% during mid-day trading on Friday . The stock traded as high as $13.86 and last traded at $14.12. Approximately 121,287 shares traded hands during trading, a decline of 93% from the average daily volume of 1,734,742 shares. The stock had previously closed at $13.11.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on TNDM shares. Barclays reduced their price target on shares of Tandem Diabetes Care from $53.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tandem Diabetes Care in a report on Saturday, September 27th. UBS Group reduced their price objective on shares of Tandem Diabetes Care from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Tandem Diabetes Care in a report on Monday, September 29th. Finally, Royal Bank Of Canada reduced their price objective on shares of Tandem Diabetes Care from $45.00 to $25.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $22.44.

Tandem Diabetes Care Stock Up 12.2%

The company has a market cap of $993.95 million, a price-to-earnings ratio of -4.76 and a beta of 1.48. 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 fifty day moving average price of $12.66 and a two-hundred day moving average price of $16.78.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its earnings results on Wednesday, August 6th. The medical device company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.08). The business had revenue of $240.68 million during the quarter, compared to analyst estimates of $238.39 million. Tandem Diabetes Care had a negative net margin of 20.51% and a negative return on equity of 65.40%. Tandem Diabetes Care’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.47) EPS. On average, equities analysts predict that Tandem Diabetes Care, Inc. will post -1.68 earnings per share for the current year.

Insider Activity at Tandem Diabetes Care

In other news, CEO John F. Sheridan purchased 10,000 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was acquired at an average price 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 $1,087,725.21. This represents a 10.38% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Leigh Vosseller purchased 13,720 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average cost of $10.89 per share, with a total value of $149,410.80. Following the purchase, the chief financial officer owned 25,580 shares in the company, valued at $278,566.20. This represents a 115.68% increase in their position. The disclosure for this purchase can be found here. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Tandem Diabetes Care

A number of large investors have recently added to or reduced their stakes in TNDM. GAMMA Investing LLC boosted its position in Tandem Diabetes Care by 763.3% during the first quarter. GAMMA Investing LLC now owns 42,190 shares of the medical device company’s stock worth $808,000 after purchasing an additional 37,303 shares during the period. NBC Securities Inc. bought a new stake in Tandem Diabetes Care during the first quarter worth approximately $37,000. Park Avenue Securities LLC boosted its position in Tandem Diabetes Care by 31.3% during the first quarter. Park Avenue Securities LLC now owns 11,708 shares of the medical device company’s stock worth $224,000 after purchasing an additional 2,794 shares during the period. SG Americas Securities LLC boosted its position in Tandem Diabetes Care by 366.4% during the first quarter. SG Americas Securities LLC now owns 16,353 shares of the medical device company’s stock worth $313,000 after purchasing an additional 12,847 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in Tandem Diabetes Care by 27.1% during the first quarter. Janney Montgomery Scott LLC now owns 38,450 shares of the medical device company’s stock worth $737,000 after purchasing an additional 8,210 shares during the period.

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.