Bank of America Issues Pessimistic Forecast for Tandem Diabetes Care (NASDAQ:TNDM) Stock Price

Tandem Diabetes Care (NASDAQ:TNDM) had its price target lowered by stock analysts at Bank of America from $35.00 to $25.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the medical device company’s stock. Bank of America‘s target price points to a potential upside of 85.39% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Morgan Stanley boosted their price objective on Tandem Diabetes Care from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd. TD Cowen reiterated a “buy” rating and issued a $28.00 price target (up from $25.00) on shares of Tandem Diabetes Care in a research note on Monday, April 20th. The Goldman Sachs Group cut their price target on Tandem Diabetes Care from $28.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Mizuho set a $24.00 price objective on shares of Tandem Diabetes Care in a report on Friday, May 8th. Finally, Rothschild & Co Redburn set a $45.00 price objective on Tandem Diabetes Care in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $29.63.

Tandem Diabetes Care Stock Up 5.2%

Shares of NASDAQ TNDM traded up $0.67 on Monday, reaching $13.49. 2,864,984 shares of the company’s stock traded hands, compared to its average volume of 2,071,096. Tandem Diabetes Care has a 12 month low of $9.98 and a 12 month high of $29.65. The business’s 50 day simple moving average is $20.05 and its two-hundred day simple moving average is $20.30. The company has a market cap of $924.13 million, a price-to-earnings ratio of -9.64 and a beta of 1.64. The company has a quick ratio of 3.07, a current ratio of 3.58 and a debt-to-equity ratio of 4.54.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings results on Thursday, May 7th. The medical device company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.46) by $0.16. The firm had revenue of $247.22 million during the quarter, compared to the consensus estimate of $240.41 million. Tandem Diabetes Care had a negative return on equity of 53.88% and a negative net margin of 9.20%.The company’s revenue was up 5.5% on a year-over-year basis. During the same period last year, the company earned ($0.66) earnings per share. As a group, equities research analysts forecast that Tandem Diabetes Care will post -0.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Tandem Diabetes Care by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 7,341,356 shares of the medical device company’s stock valued at $161,363,000 after purchasing an additional 278,042 shares during the period. ArrowMark Colorado Holdings LLC lifted its stake in Tandem Diabetes Care by 36.7% in 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 acquiring an additional 991,649 shares during the last quarter. Jennison Associates LLC lifted its stake in Tandem Diabetes Care by 42.3% in the fourth quarter. Jennison Associates LLC now owns 2,021,376 shares of the medical device company’s stock worth $44,430,000 after acquiring an additional 601,260 shares during the last quarter. Freestone Grove Partners LP purchased a new position in Tandem Diabetes Care in the third quarter worth approximately $22,706,000. Finally, Goldman Sachs Group Inc. lifted its stake in Tandem Diabetes Care by 17.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,683,400 shares of the medical device company’s stock worth $37,001,000 after acquiring an additional 252,028 shares during the last quarter.

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.