TELA Bio, Inc. (NASDAQ:TELA) Sees Large Growth in Short Interest

TELA Bio, Inc. (NASDAQ:TELA – Get Rating) saw a large growth in short interest in March. As of March 31st, there was short interest totalling 143,100 shares, a growth of 209.7% from the March 15th total of 46,200 shares. Based on an average daily trading volume, of 41,300 shares, the short-interest ratio is currently 3.5 days. Currently, 2.8% of the shares of the stock are short sold.

A number of equities analysts have issued reports on TELA shares. Zacks Investment Research raised TELA Bio from a “sell” rating to a “hold” rating in a report on Tuesday. JMP Securities reaffirmed a “buy” rating and issued a $22.00 target price on shares of TELA Bio in a report on Tuesday, March 22nd.

In other TELA Bio news, insider Ew Healthcare Partners Fund 2, purchased 5,000 shares of the stock in a transaction dated Thursday, March 31st. The stock was bought at an average price of $11.54 per share, with a total value of $57,700.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have bought a total of 53,636 shares of company stock valued at $625,467 in the last three months. 15.90% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Schonfeld Strategic Advisors LLC grew its position in shares of TELA Bio by 5.4% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 144,353 shares of the company’s stock valued at $1,972,000 after buying an additional 7,400 shares during the last quarter. Opaleye Management Inc. grew its position in shares of TELA Bio by 0.6% in the 3rd quarter. Opaleye Management Inc. now owns 443,199 shares of the company’s stock valued at $6,054,000 after buying an additional 2,734 shares during the last quarter. Jacob Asset Management of New York LLC grew its position in shares of TELA Bio by 9.7% in the 3rd quarter. Jacob Asset Management of New York LLC now owns 113,000 shares of the company’s stock valued at $1,544,000 after buying an additional 10,000 shares during the last quarter. Granite Point Capital Management L.P. grew its position in shares of TELA Bio by 13.8% in the 3rd quarter. Granite Point Capital Management L.P. now owns 227,644 shares of the company’s stock valued at $3,110,000 after buying an additional 27,644 shares during the last quarter. Finally, BlackRock Inc. grew its position in shares of TELA Bio by 4.1% in the 4th quarter. BlackRock Inc. now owns 22,392 shares of the company’s stock valued at $287,000 after buying an additional 886 shares during the last quarter. Hedge funds and other institutional investors own 87.74% of the company’s stock.

Shares of TELA opened at $10.00 on Friday. TELA Bio has a 12-month low of $9.60 and a 12-month high of $16.53. The business has a 50-day simple moving average of $11.84 and a two-hundred day simple moving average of $12.31. The company has a quick ratio of 4.86, a current ratio of 5.58 and a debt-to-equity ratio of 1.57.

TELA Bio (NASDAQ:TELA – Get Rating) last issued its earnings results on Monday, March 21st. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.01). TELA Bio had a negative return on equity of 106.93% and a negative net margin of 112.94%. During the same period last year, the firm posted ($0.54) earnings per share. As a group, analysts expect that TELA Bio will post -1.86 EPS for the current fiscal year.

About TELA Bio (Get Rating)

TELA Bio, Inc, a medical technology company, focuses on the design, development, and marketing of tissue reinforcement materials to address unmet needs in soft tissue reconstruction. 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.

Further Reading