Tandem Diabetes Care (NASDAQ:TNDM) Reaches New 1-Year Low - Here's What Happened

Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $18.77 and last traded at $19.49, with a volume of 4355419 shares trading hands. The stock had previously closed at $20.78.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wells Fargo & Company restated an "equal weight" rating and set a $22.00 price target (down previously from $38.00) on shares of Tandem Diabetes Care in a report on Monday, March 3rd. Sanford C. Bernstein lowered shares of Tandem Diabetes Care from an "outperform" rating to a "market perform" rating and cut their target price for the stock 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. The Goldman Sachs Group dropped their price objective on shares of Tandem Diabetes Care from $42.00 to $24.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd. Finally, Barclays decreased their price objective on shares of Tandem Diabetes Care from $60.00 to $53.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Tandem Diabetes Care presently has a consensus rating of "Moderate Buy" and an average price target of $45.38.

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Tandem Diabetes Care Stock Performance

The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 1.29. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -9.31 and a beta of 1.45. The stock's 50 day moving average is $33.17 and its two-hundred day moving average is $35.55.

Institutional Investors Weigh In On Tandem Diabetes Care

Several hedge funds have recently modified their holdings of TNDM. Brooklyn Investment Group purchased a new position in Tandem Diabetes Care during the third quarter worth about $28,000. Assetmark Inc. acquired a new stake in shares of Tandem Diabetes Care in the 3rd quarter valued at approximately $29,000. AlphaQuest LLC boosted its stake in shares of 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 buying an additional 541 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Tandem Diabetes Care by 195.8% during the fourth quarter. Jones Financial Companies Lllp now owns 1,130 shares of the medical device company's stock worth $41,000 after acquiring an additional 748 shares during the period. Finally, McIlrath & Eck LLC purchased a new position in Tandem Diabetes Care in the third quarter worth $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.