Short Interest in TELA Bio, Inc. (NASDAQ:TELA) Increases By 17.8%

TELA Bio, Inc. (NASDAQ:TELA - Get Free Report) was the target of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 414,300 shares, a growth of 17.8% from the January 15th total of 351,600 shares. Based on an average daily volume of 186,200 shares, the days-to-cover ratio is currently 2.2 days.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler decreased their price objective on TELA Bio from $8.00 to $5.00 and set an "overweight" rating for the company in a report on Friday, November 8th.

TELA Bio Stock Performance

NASDAQ:TELA traded up $0.24 during trading hours on Wednesday, hitting $2.90. 364,911 shares of the company were exchanged, compared to its average volume of 154,042. The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81. TELA Bio has a 52-week low of $2.30 and a 52-week high of $7.29. The stock has a market capitalization of $114.03 million, a price-to-earnings ratio of -1.71 and a beta of 1.00. The company's 50 day moving average price is $2.77 and its 200-day moving average price is $2.84.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Jane Street Group LLC boosted 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 buying an additional 7,174 shares during the last quarter. Embree Financial Group acquired a new stake in TELA Bio during the 3rd quarter valued at approximately $25,000. Commonwealth Equity Services LLC boosted its holdings in shares of 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 acquiring an additional 13,555 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in shares of TELA Bio by 95.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company's stock worth $95,000 after acquiring an additional 15,283 shares during the period. Finally, Northern Trust Corp lifted its position in TELA Bio by 50.6% during the fourth quarter. Northern Trust Corp now owns 47,181 shares of the company's stock valued at $142,000 after purchasing an additional 15,856 shares during the period. 94.35% of the stock is owned by institutional investors and hedge funds.

Remove Ads

TELA Bio Company Profile

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.