Tandem Diabetes Care Inc (TNDM) Sees Significant Growth in Short Interest
Tandem Diabetes Care Inc (NASDAQ:TNDM) was the recipient of a large increase in short interest in the month of June. As of June 29th, there was short interest totalling 5,883,644 shares, an increase of 111.5% from the June 15th total of 2,782,413 shares. Based on an average trading volume of 4,761,328 shares, the days-to-cover ratio is currently 1.2 days. Approximately 14.7% of the shares of the company are sold short.
A number of large investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in Tandem Diabetes Care by 2,375,000.0% in the first quarter. Royal Bank of Canada now owns 47,502 shares of the medical device company’s stock valued at $236,000 after acquiring an additional 47,500 shares during the last quarter. Eventide Asset Management LLC bought a new position in Tandem Diabetes Care in the first quarter valued at approximately $1,364,000. Millennium Management LLC bought a new position in Tandem Diabetes Care in the first quarter valued at approximately $4,225,000. First Light Asset Management LLC bought a new position in Tandem Diabetes Care in the first quarter valued at approximately $23,482,000. Finally, Millrace Asset Group Inc. bought a new position in Tandem Diabetes Care in the first quarter valued at approximately $2,480,000. 47.09% of the stock is currently owned by institutional investors and hedge funds.
Shares of Tandem Diabetes Care opened at $25.45 on Friday, according to MarketBeat. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 6.45. Tandem Diabetes Care has a 12 month low of $2.14 and a 12 month high of $26.24. The company has a market cap of $1.22 billion, a PE ratio of -1.98 and a beta of -0.15.
Several research analysts have weighed in on the stock. Piper Jaffray Companies raised shares of Tandem Diabetes Care to an “overweight” rating and set a $25.00 price target on the stock in a report on Friday, June 22nd. MED raised their target price on shares of Tandem Diabetes Care from $15.00 to $24.00 and gave the stock an “outperform” rating in a report on Monday, June 18th. Lake Street Capital initiated coverage on shares of Tandem Diabetes Care in a report on Monday, June 18th. They set a “buy” rating and a $30.00 target price on the stock. Oppenheimer set a $15.00 target price on shares of Tandem Diabetes Care and gave the stock a “buy” rating in a report on Monday, May 21st. Finally, ValuEngine raised shares of Tandem Diabetes Care from a “sell” rating to a “hold” rating in a report on Saturday, April 7th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $14.36.
About Tandem Diabetes Care
Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes various products for people with insulin-dependent diabetes in the United States. The company's flagship product is the t:slim X2 insulin delivery system that comprises t:slim X2 pump, its 300-unit disposable insulin cartridge, and an infusion set.
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