Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares dropped 10.4% on Tuesday . The company traded as low as $0.72 and last traded at $0.72. Approximately 1,538,616 shares traded hands during mid-day trading, an increase of 30% from the average daily volume of 1,182,970 shares. The stock had previously closed at $0.80.

Separately, Zacks Investment Research lowered Tandem Diabetes Care from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. Tandem Diabetes Care has a consensus rating of “Hold” and a consensus price target of $4.71.

The firm’s market cap is $36.01 million. The company has a 50 day moving average price of $0.62 and a 200 day moving average price of $1.06.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings data on Thursday, July 27th. The medical device company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.04. The business had revenue of $21.30 million for the quarter, compared to analysts’ expectations of $21.74 million. Tandem Diabetes Care had a negative return on equity of 1,177.11% and a negative net margin of 110.70%. The firm’s quarterly revenue was down 7.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.60) EPS. Equities research analysts anticipate that Tandem Diabetes Care, Inc. will post ($1.79) EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TNDM. Frontier Capital Management Co. LLC lifted its holdings in shares of Tandem Diabetes Care by 348.5% during the 1st quarter. Frontier Capital Management Co. LLC now owns 4,901,870 shares of the medical device company’s stock valued at $5,882,000 after buying an additional 3,808,950 shares during the period. Paulson & CO. Inc. bought a new position in shares of Tandem Diabetes Care during the 1st quarter valued at $600,000. Bank of America Corp DE lifted its holdings in shares of Tandem Diabetes Care by 88.6% during the 1st quarter. Bank of America Corp DE now owns 861,026 shares of the medical device company’s stock valued at $1,032,000 after buying an additional 404,452 shares during the period. Russell Investments Group Ltd. bought a new position in shares of Tandem Diabetes Care during the 1st quarter valued at $360,000. Finally, Group One Trading L.P. bought a new position in shares of Tandem Diabetes Care during the 1st quarter valued at $185,000. 36.71% of the stock is currently owned by hedge funds and other institutional investors.

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Tandem Diabetes Care Company Profile

Tandem Diabetes Care, Inc is a medical device company. The Company is engaged in designing, developing and commercializing products for people with insulin-dependent diabetes. The Company manufactures and sells three insulin pump products, which include t:slim Insulin Delivery System (t:slim), t:flex Insulin Delivery System (t:flex) and t:slim G4 Insulin Delivery System (t:slim G4).

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