Tandem Diabetes Care (NASDAQ:TNDM) Cut to Equal Weight at Morgan Stanley

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) was downgraded by investment analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating in a research report issued on Wednesday, MarketBeat Ratings reports. They presently have a $22.00 price objective on the medical device company's stock, down from their previous price objective of $45.00. Morgan Stanley's price objective would suggest a potential upside of 22.49% from the company's current price.

A number of other equities research analysts also recently weighed in on the company. Royal Bank of Canada dropped their price objective on Tandem Diabetes Care from $65.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Sanford C. Bernstein cut Tandem Diabetes Care from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $35.00 to $25.00 in a research note on Friday, February 28th. Canaccord Genuity Group reiterated a "buy" rating and issued a $63.00 price target on shares of Tandem Diabetes Care in a research note on Wednesday, February 26th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $22.00 price target (down from $38.00) on shares of Tandem Diabetes Care in a research note on Monday, March 3rd. Finally, Citigroup cut Tandem Diabetes Care from a "buy" rating to a "neutral" rating and decreased their price target for the company from $35.00 to $24.00 in a research note on Tuesday, March 4th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Tandem Diabetes Care has an average rating of "Moderate Buy" and an average target price of $45.38.

Remove Ads

Tandem Diabetes Care Stock Down 4.1 %

TNDM stock traded down $0.76 during trading on Wednesday, reaching $17.96. 2,019,213 shares of the company traded hands, compared to its average volume of 1,466,490. Tandem Diabetes Care has a 12 month low of $17.92 and a 12 month high of $53.69. The business has a 50 day simple moving average of $33.17 and a 200 day simple moving average of $35.51. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -9.31 and a beta of 1.45. The company has a debt-to-equity ratio of 1.29, a quick ratio of 2.32 and a current ratio of 2.90.

Institutional Trading of Tandem Diabetes Care

Several institutional investors have recently bought and sold shares of TNDM. Brooklyn Investment Group acquired a new stake in Tandem Diabetes Care in the third quarter valued at approximately $28,000. Assetmark Inc. acquired a new stake in Tandem Diabetes Care in the third quarter valued at approximately $29,000. AlphaQuest LLC grew its holdings in Tandem Diabetes Care by 138.7% in the fourth quarter. AlphaQuest LLC now owns 931 shares of the medical device company's stock valued at $34,000 after purchasing an additional 541 shares during the period. Jones Financial Companies Lllp grew its holdings in Tandem Diabetes Care by 195.8% in the fourth quarter. Jones Financial Companies Lllp now owns 1,130 shares of the medical device company's stock valued at $41,000 after purchasing an additional 748 shares during the period. Finally, McIlrath & Eck LLC acquired a new stake in Tandem Diabetes Care in the third quarter valued at approximately $52,000.

Tandem Diabetes Care Company Profile

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.