Tandem Diabetes Care (NASDAQ:TNDM) Shares Down 9.6% Following Analyst Downgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Get Free Report)'s share price fell 9.6% during trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $57.00 to $56.00. Canaccord Genuity Group currently has a buy rating on the stock. Tandem Diabetes Care traded as low as $30.13 and last traded at $30.13. 2,395,340 shares were traded during trading, an increase of 50% from the average session volume of 1,600,117 shares. The stock had previously closed at $33.32.

Other equities analysts also recently issued reports about the company. Canaccord Genuity Group assumed coverage on Tandem Diabetes Care in a research note on Thursday, August 8th. They set a "buy" rating and a $57.00 target price for the company. Sanford C. Bernstein started coverage on Tandem Diabetes Care in a research report on Wednesday. They issued an "outperform" rating and a $42.00 price objective on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $55.00 target price (up from $50.00) on shares of Tandem Diabetes Care in a research report on Friday, August 2nd. UBS Group upgraded Tandem Diabetes Care to a "hold" rating in a research note on Friday, August 2nd. Finally, Royal Bank of Canada initiated coverage on Tandem Diabetes Care in a research note on Wednesday, October 2nd. They issued an "outperform" rating and a $65.00 target price for the company. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $54.25.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TNDM. Vanguard Group Inc. raised its position in shares of Tandem Diabetes Care by 0.4% during the first quarter. Vanguard Group Inc. now owns 7,052,570 shares of the medical device company's stock worth $249,732,000 after acquiring an additional 30,664 shares during the last quarter. Fred Alger Management LLC lifted its position in shares of Tandem Diabetes Care by 45.2% during the 2nd quarter. Fred Alger Management LLC now owns 2,174,107 shares of the medical device company's stock valued at $87,595,000 after buying an additional 677,036 shares during the last quarter. Bellevue Group AG raised its stake in shares of Tandem Diabetes Care by 2.0% during the 1st quarter. Bellevue Group AG now owns 2,031,888 shares of the medical device company's stock valued at $71,949,000 after purchasing an additional 39,571 shares during the period. Stephens Investment Management Group LLC increased its stake in Tandem Diabetes Care by 12.2% in the 3rd quarter. Stephens Investment Management Group LLC now owns 1,274,482 shares of the medical device company's stock worth $54,051,000 after acquiring an additional 138,263 shares during the last quarter. Finally, Chicago Capital LLC boosted its holdings in shares of Tandem Diabetes Care by 22.2% in the 3rd quarter. Chicago Capital LLC now owns 1,003,147 shares of the medical device company's stock worth $42,543,000 after purchasing an additional 182,085 shares in the last quarter.

Tandem Diabetes Care Price Performance

The stock has a market capitalization of $2.00 billion, a PE ratio of -15.85 and a beta of 1.36. The business has a fifty day moving average price of $38.73 and a 200-day moving average price of $41.86. The company has a current ratio of 3.05, a quick ratio of 2.38 and a debt-to-equity ratio of 1.31.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The medical device company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.08. Tandem Diabetes Care had a negative return on equity of 43.11% and a negative net margin of 14.84%. The business had revenue of $243.97 million during the quarter, compared to analysts' expectations of $224.14 million. During the same quarter last year, the business posted ($0.38) EPS. The business's revenue was up 31.4% on a year-over-year basis. Research analysts expect that Tandem Diabetes Care, Inc. will post -1.76 EPS for the current fiscal year.

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.