Tandem Diabetes Care (NASDAQ:TNDM) Stock Price Down 9.6% on Analyst Downgrade

Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) dropped 9.6% 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. Approximately 2,395,340 shares were traded during trading, an increase of 50% from the average daily volume of 1,600,117 shares. The stock had previously closed at $33.32.

Several other research analysts also recently commented on TNDM. Barclays raised their target price on Tandem Diabetes Care from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Piper Sandler restated an “overweight” rating and issued a $55.00 target price (up previously from $50.00) on shares of Tandem Diabetes Care in a research note on Friday, August 2nd. Morgan Stanley restated an “equal weight” rating and issued a $45.00 target price on shares of Tandem Diabetes Care in a research note on Monday, September 23rd. Robert W. Baird cut their target price on Tandem Diabetes Care from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Canaccord Genuity Group initiated coverage on Tandem Diabetes Care in a research note on Thursday, August 8th. They issued a “buy” rating and a $57.00 target price for the company. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Tandem Diabetes Care currently has an average rating of “Moderate Buy” and a consensus price target of $54.25.

Hedge Funds Weigh In On Tandem Diabetes Care

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Tandem Diabetes Care by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 7,052,570 shares of the medical device company’s stock valued at $249,732,000 after buying an additional 30,664 shares in the last quarter. Fred Alger Management LLC raised its holdings 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 in the last quarter. Bellevue Group AG raised its holdings 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 buying an additional 39,571 shares in the last quarter. Stephens Investment Management Group LLC raised its holdings in shares of Tandem Diabetes Care by 12.2% during the 3rd quarter. Stephens Investment Management Group LLC now owns 1,274,482 shares of the medical device company’s stock valued at $54,051,000 after buying an additional 138,263 shares in the last quarter. Finally, Chicago Capital LLC raised its holdings in shares of Tandem Diabetes Care by 22.2% during the 3rd quarter. Chicago Capital LLC now owns 1,003,147 shares of the medical device company’s stock valued at $42,543,000 after buying an additional 182,085 shares in the last quarter.

Tandem Diabetes Care Trading Down 8.2 %

The company has a current ratio of 3.05, a quick ratio of 2.38 and a debt-to-equity ratio of 1.31. The stock has a fifty day moving average of $38.73 and a two-hundred day moving average of $41.81. The company has a market capitalization of $2.00 billion, a PE ratio of -15.85 and a beta of 1.36.

About Tandem Diabetes Care

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.