Jennison Associates LLC Decreases Holdings in Tandem Diabetes Care, Inc. $TNDM

Jennison Associates LLC reduced its stake in Tandem Diabetes Care, Inc. (NASDAQ:TNDM) by 18.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,658,448 shares of the medical device company’s stock after selling 362,928 shares during the period. Jennison Associates LLC owned approximately 2.42% of Tandem Diabetes Care worth $31,792,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in TNDM. Caitong International Asset Management Co. Ltd boosted its position in shares of Tandem Diabetes Care by 200.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 2,205 shares of the medical device company’s stock worth $27,000 after buying an additional 1,470 shares during the period. Smartleaf Asset Management LLC lifted its position in Tandem Diabetes Care by 80.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock worth $30,000 after acquiring an additional 593 shares in the last quarter. OP Asset Management Ltd acquired a new position in Tandem Diabetes Care during the 1st quarter worth approximately $35,000. Quarry LP boosted its holdings in Tandem Diabetes Care by 2,597.1% in the 3rd quarter. Quarry LP now owns 3,695 shares of the medical device company’s stock worth $45,000 after acquiring an additional 3,558 shares during the period. Finally, Creative Financial Designs Inc. ADV boosted its holdings in Tandem Diabetes Care by 36.0% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 3,431 shares of the medical device company’s stock worth $75,000 after acquiring an additional 909 shares during the period.

Tandem Diabetes Care Stock Performance

Shares of Tandem Diabetes Care stock opened at $18.10 on Tuesday. The company has a debt-to-equity ratio of 4.54, a quick ratio of 3.07 and a current ratio of 3.58. Tandem Diabetes Care, Inc. has a 1 year low of $9.98 and a 1 year high of $29.65. The firm’s 50-day simple moving average is $15.89 and its 200-day simple moving average is $19.17. The firm has a market cap of $1.24 billion, a PE ratio of -12.93 and a beta of 1.58.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its quarterly earnings results on Thursday, May 7th. The medical device company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.16. Tandem Diabetes Care had a negative return on equity of 53.88% and a negative net margin of 9.20%.The business had revenue of $247.22 million during the quarter, compared to the consensus estimate of $240.41 million. During the same period last year, the firm earned ($0.66) earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities analysts forecast that Tandem Diabetes Care, Inc. will post -0.72 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TNDM shares. Truist Financial reiterated a “buy” rating and set a $31.00 price objective (down from $35.00) on shares of Tandem Diabetes Care in a research note on Monday, May 11th. Wells Fargo & Company upgraded shares of Tandem Diabetes Care from a “buy” rating to an “overweight” rating and upped their target price for the company from $21.00 to $27.00 in a research note on Monday, June 1st. The Goldman Sachs Group set a $21.00 price target on shares of Tandem Diabetes Care in a research note on Wednesday, May 27th. Mizuho cut their price objective on shares of Tandem Diabetes Care from $24.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Tandem Diabetes Care in a research note on Tuesday, June 23rd. They set a “hold” rating and a $15.50 target price for the company. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $28.93.

Tandem Diabetes Care Profile

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.