Tandem Diabetes Care (NASDAQ:TNDM) Shares Gap Up on Analyst Upgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s stock price gapped up prior to trading on Tuesday after Piper Sandler upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $21.91, but opened at $23.16. Piper Sandler now has a $33.00 price target on the stock, up from their previous price target of $21.00. Tandem Diabetes Care shares last traded at $24.6850, with a volume of 628,621 shares traded.

Several other brokerages have also weighed in on TNDM. Barclays reiterated an “overweight” rating and set a $56.00 price objective on shares of Tandem Diabetes Care in a report on Monday, February 23rd. Morgan Stanley boosted their target price on shares of Tandem Diabetes Care from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, March 2nd. UBS Group reaffirmed a “neutral” rating and set a $22.00 price target (up from $17.00) on shares of Tandem Diabetes Care in a research note on Friday, February 20th. Truist Financial reissued a “hold” rating and set a $27.00 price objective (up from $24.00) on shares of Tandem Diabetes Care in a research note on Monday, February 23rd. Finally, Stifel Nicolaus upped their price objective on Tandem Diabetes Care from $20.00 to $22.00 and gave the stock a “hold” rating in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $28.78.

Institutional Investors Weigh In On Tandem Diabetes Care

Hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd grew its stake in Tandem Diabetes Care by 200.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 2,205 shares of the medical device company’s stock worth $27,000 after buying an additional 1,470 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Tandem Diabetes Care by 80.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock worth $30,000 after acquiring an additional 593 shares in the last quarter. Quarry LP grew its position in Tandem Diabetes Care by 2,597.1% during the 3rd quarter. Quarry LP now owns 3,695 shares of the medical device company’s stock worth $45,000 after acquiring an additional 3,558 shares during the last quarter. CoreCap Advisors LLC raised its position in Tandem Diabetes Care by 270.3% in the 3rd quarter. CoreCap Advisors LLC now owns 4,751 shares of the medical device company’s stock valued at $58,000 after purchasing an additional 3,468 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd increased its stake in shares of Tandem Diabetes Care by 485.1% in the third quarter. Aster Capital Management DIFC Ltd now owns 5,149 shares of the medical device company’s stock valued at $63,000 after buying an additional 4,269 shares in the last quarter.

Tandem Diabetes Care Trading Up 9.1%

The business’s fifty day simple moving average is $21.32 and its 200 day simple moving average is $18.51. The company has a current ratio of 2.55, a quick ratio of 2.02 and a debt-to-equity ratio of 2.00. The stock has a market cap of $1.63 billion, a P/E ratio of -7.79 and a beta of 1.63.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Thursday, February 19th. The medical device company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.04. Tandem Diabetes Care had a negative net margin of 20.17% and a negative return on equity of 68.23%. The business had revenue of $290.38 million for the quarter, compared to analysts’ expectations of $277.14 million. During the same period in the prior year, the firm earned $0.01 earnings per share. Tandem Diabetes Care’s revenue was up 15.1% compared to the same quarter last year. As a group, analysts expect that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current year.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc (NASDAQ: TNDM), headquartered in San Diego, California, is a medical device company focused on the design, development and commercialization of innovative insulin delivery systems for people with insulin-dependent diabetes. Founded in 2006, the company introduced its first product, the t:slim® Insulin Pump, in 2011 and has since built a portfolio of next-generation pumps featuring touchscreen interfaces, remote software updates and integrated continuous glucose monitoring (CGM) capabilities.

The company’s flagship offering, the t:slim X2® Insulin Pump, is engineered to work with leading CGM sensors and features automated insulin delivery algorithms that adjust basal insulin rates based on real-time glucose trends.