Canaccord Genuity Group Cuts TELA Bio (NASDAQ:TELA) Price Target to $7.00

TELA Bio (NASDAQ:TELA - Free Report) had its price target lowered by Canaccord Genuity Group from $12.00 to $7.00 in a research note published on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Piper Sandler cut TELA Bio from an "overweight" rating to a "neutral" rating and cut their price target for the company from $5.00 to $2.00 in a research note on Friday.

TELA Bio Trading Down 11.4 %

NASDAQ TELA traded down $0.16 on Friday, reaching $1.24. The stock had a trading volume of 636,776 shares, compared to its average volume of 212,452. TELA Bio has a 12-month low of $1.28 and a 12-month high of $6.50. The stock has a fifty day moving average price of $2.53 and a two-hundred day moving average price of $2.69. The firm has a market capitalization of $48.84 million, a price-to-earnings ratio of -0.73 and a beta of 1.10. The company has a quick ratio of 1.81, a current ratio of 2.62 and a debt-to-equity ratio of 14.22.

TELA Bio (NASDAQ:TELA - Get Free Report) last released its earnings results on Thursday, March 20th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.01. TELA Bio had a negative return on equity of 556.18% and a negative net margin of 60.49%. The firm had revenue of $17.65 million during the quarter, compared to analysts' expectations of $23.17 million. As a group, sell-side analysts forecast that TELA Bio will post -1.37 EPS for the current fiscal year.

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Institutional Trading of TELA Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in TELA. Prudential Financial Inc. acquired a new position in TELA Bio in the 4th quarter valued at about $57,000. Commonwealth Equity Services LLC increased its stake in TELA Bio by 91.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company's stock valued at $86,000 after buying an additional 13,555 shares during the period. Walleye Capital LLC acquired a new position in shares of TELA Bio during the fourth quarter worth about $91,000. Jane Street Group LLC lifted its position in TELA Bio by 30.5% in the fourth quarter. Jane Street Group LLC now owns 30,705 shares of the company's stock valued at $93,000 after purchasing an additional 7,174 shares during the period. Finally, Cubist Systematic Strategies LLC increased its position in TELA Bio by 95.3% during the 4th quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company's stock worth $95,000 after purchasing an additional 15,283 shares during the period. Institutional investors and hedge funds own 94.35% of the company's stock.

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.