Short Interest in TELA Bio, Inc. (NASDAQ:TELA) Drops By 14.6%

TELA Bio, Inc. (NASDAQ:TELA) was the target of a large decrease in short interest in the month of April. As of April 15th, there was short interest totalling 592,700 shares, a decrease of 14.6% from the March 31st total of 694,100 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average trading volume of 270,800 shares, the short-interest ratio is presently 2.2 days.

Wall Street Analysts Forecast Growth

TELA has been the subject of several research analyst reports. Canaccord Genuity Group dropped their target price on shares of TELA Bio from $12.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Piper Sandler lowered TELA Bio from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $5.00 to $2.00 in a research report on Friday, March 21st.

TELA Bio Stock Performance

NASDAQ TELA opened at $1.02 on Monday. TELA Bio has a 52-week low of $0.86 and a 52-week high of $6.50. The firm has a 50-day moving average of $1.52 and a 200-day moving average of $2.36. The company has a debt-to-equity ratio of 14.22, a quick ratio of 1.81 and a current ratio of 2.62. The stock has a market cap of $40.35 million, a PE ratio of -0.60 and a beta of 0.67.

TELA Bio (NASDAQ:TELA) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.01. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. The business had revenue of $17.65 million during the quarter, compared to analysts’ expectations of $23.17 million. On average, sell-side analysts anticipate that TELA Bio will post -1.37 EPS for the current year.

Institutional Investors Weigh In On TELA Bio

Institutional investors and hedge funds have recently made changes to their positions in the business. Silverarc Capital Management LLC increased its position in shares of TELA Bio by 172.5% during the 4th 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. DAFNA Capital Management LLC purchased a new stake in TELA Bio in the 4th quarter worth approximately $4,352,000. Stonepine Capital Management LLC raised its position in shares of TELA Bio by 112.0% in the fourth quarter. Stonepine Capital Management LLC now owns 2,353,099 shares of the company’s stock worth $7,106,000 after buying an additional 1,243,099 shares in the last quarter. Royce & Associates LP bought a new stake in TELA Bio during the fourth quarter valued at $3,020,000. Finally, Perkins Capital Management Inc. boosted its stake in TELA Bio by 303.1% during the fourth quarter. Perkins Capital Management Inc. now owns 907,865 shares of the company’s stock valued at $2,742,000 after buying an additional 682,665 shares during the period. Institutional investors and hedge funds own 94.35% of the company’s stock.

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.