Tandem Diabetes Care (NASDAQ:TNDM) Stock Price Up 5.3% on Analyst Upgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares shot up 5.3% during mid-day trading on Thursday after Truist Financial upgraded the stock from a hold rating to a buy rating. Truist Financial now has a $35.00 price target on the stock, up from their previous price target of $27.00. Tandem Diabetes Care traded as high as $25.43 and last traded at $25.1210. 1,104,326 shares were traded during trading, a decline of 44% from the average session volume of 1,982,902 shares. The stock had previously closed at $23.85.

Other equities analysts also recently issued reports about the company. Lake Street Capital upgraded Tandem Diabetes Care from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Monday, February 23rd. Barclays reaffirmed an “overweight” rating and issued a $56.00 price objective on shares of Tandem Diabetes Care in a research note on Monday, February 23rd. Stifel Nicolaus increased their target price on shares of Tandem Diabetes Care from $20.00 to $22.00 and gave the stock a “hold” rating in a report on Friday, February 20th. Canaccord Genuity Group set a $35.00 price target on shares of Tandem Diabetes Care and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Finally, TD Cowen assumed coverage on shares of Tandem Diabetes Care in a research note on Tuesday, January 27th. They issued a “buy” rating and a $25.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Tandem Diabetes Care currently has an average rating of “Hold” and an average price target of $29.22.

Hedge Funds Weigh In On Tandem Diabetes Care

Several large investors have recently modified their holdings of TNDM. Freestone Grove Partners LP bought a new stake in shares of Tandem Diabetes Care in the 3rd quarter worth about $22,706,000. Ophir Asset Management Pty Ltd purchased a new position in Tandem Diabetes Care during 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. First Light Asset Management LLC purchased a new stake in shares of Tandem Diabetes Care during the fourth quarter valued at $23,947,000. Finally, BNP Paribas Financial Markets grew its stake in Tandem Diabetes Care by 468.5% in the 4th quarter. BNP Paribas Financial Markets now owns 1,248,481 shares of the medical device company’s stock worth $27,442,000 after acquiring an additional 1,028,866 shares in the last quarter.

Tandem Diabetes Care Stock Up 4.7%

The company has a debt-to-equity ratio of 2.00, a current ratio of 2.55 and a quick ratio of 2.02. The stock has a market cap of $1.71 billion, a PE ratio of -8.11 and a beta of 1.63. The business has a fifty day moving average of $21.34 and a 200-day moving average of $18.55.

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