Tandem Diabetes Care (NASDAQ:TNDM) Shares Down 6.9% – Here’s What Happened

Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) were down 6.9% during trading on Friday . The stock traded as low as $20.29 and last traded at $20.9450. Approximately 443,714 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 1,055,906 shares. The stock had previously closed at $22.50.

Wall Street Analyst Weigh In

TNDM has been the subject of a number of research analyst reports. Baird R W upgraded Tandem Diabetes Care from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 16th. Sanford C. Bernstein restated a “market perform” rating on shares of Tandem Diabetes Care in a report on Friday. Wall Street Zen raised Tandem Diabetes Care from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Barclays increased their target price on Tandem Diabetes Care from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Finally, Wells Fargo & Company boosted their price target on shares of Tandem Diabetes Care from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $24.00.

Tandem Diabetes Care Stock Performance

The company has a debt-to-equity ratio of 2.33, a current ratio of 2.44 and a quick ratio of 1.90. The business has a 50-day moving average of $20.23 and a 200-day moving average of $16.29. The company has a market capitalization of $1.45 billion, a P/E ratio of -7.03 and a beta of 1.68.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its earnings results on Thursday, November 6th. The medical device company reported ($0.31) earnings per share for the quarter, meeting the consensus estimate of ($0.31). Tandem Diabetes Care had a negative net margin of 20.19% and a negative return on equity of 73.97%. The business had revenue of $249.25 million for the quarter, compared to the consensus estimate of $235.80 million. During the same quarter in the prior year, the firm posted ($0.35) earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, sell-side analysts anticipate that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Freestone Grove Partners LP purchased a new stake in shares of Tandem Diabetes Care in the third quarter worth approximately $22,706,000. Ophir Asset Management Pty Ltd bought a new position in Tandem Diabetes Care in the 2nd quarter valued at $27,307,000. Assenagon Asset Management S.A. purchased a new stake in Tandem Diabetes Care in the fourth quarter worth $26,988,000. ArrowMark Colorado Holdings LLC lifted its position in shares of Tandem Diabetes Care by 36.7% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,691,198 shares of the medical device company’s stock worth $44,811,000 after purchasing an additional 991,649 shares during the last quarter. Finally, Royce & Associates LP purchased a new stake in shares of Tandem Diabetes Care during the third quarter valued at $6,191,000.

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.