TELA Bio (NASDAQ:TELA) Shares Down 3.1% - Time to Sell?

TELA Bio, Inc. (NASDAQ:TELA - Get Free Report)'s stock price dropped 3.1% on Thursday . The company traded as low as $2.48 and last traded at $2.52. Approximately 87,448 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 151,778 shares. The stock had previously closed at $2.60.

Analyst Upgrades and Downgrades

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

TELA Bio Stock Performance

The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81. The firm has a fifty day simple moving average of $2.73 and a two-hundred day simple moving average of $2.77. The firm has a market capitalization of $92.17 million, a P/E ratio of -1.38 and a beta of 1.00.

Institutional Investors Weigh In On TELA Bio

Several large investors have recently added to or reduced their stakes in the company. Silverarc Capital Management LLC lifted its holdings in TELA Bio by 172.5% during the fourth quarter. Silverarc Capital Management LLC now owns 3,065,649 shares of the company's stock valued at $9,258,000 after purchasing an additional 1,940,721 shares during the last quarter. AIGH Capital Management LLC raised its position in shares of TELA Bio by 7.8% in the fourth quarter. AIGH Capital Management LLC now owns 2,662,785 shares of the company's stock valued at $8,042,000 after purchasing an additional 193,412 shares during the period. Stonepine Capital Management LLC lifted its stake in shares of TELA Bio by 112.0% during the 4th quarter. Stonepine Capital Management LLC now owns 2,353,099 shares of the company's stock valued at $7,106,000 after buying an additional 1,243,099 shares in the last quarter. DAFNA Capital Management LLC bought a new position in TELA Bio in the 4th quarter worth approximately $4,352,000. Finally, Royce & Associates LP purchased a new position in TELA Bio in the 4th quarter valued at approximately $3,020,000. Hedge funds and other institutional investors own 94.35% of the company's stock.

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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.