Tandem Diabetes Care (NASDAQ:TNDM) Rating Increased to Neutral at Bank of America

Tandem Diabetes Care (NASDAQ:TNDM) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a $30.00 price objective on the medical device company’s stock, up from their previous price objective of $15.00. Bank of America‘s price objective points to a potential upside of 61.99% from the stock’s previous close.

TNDM has been the topic of several other research reports. Piper Sandler reiterated a “neutral” rating and set a $21.00 price target (up previously from $14.00) on shares of Tandem Diabetes Care in a report on Friday. The Goldman Sachs Group restated a “neutral” rating and set a $25.00 price objective on shares of Tandem Diabetes Care in a research report on Friday, January 9th. Canaccord Genuity Group set a $35.00 target price on shares of Tandem Diabetes Care and gave the company a “buy” rating in a report on Wednesday, December 17th. Robert W. Baird set a $30.00 price target on shares of Tandem Diabetes Care and gave the stock an “outperform” rating in a report on Tuesday, December 16th. Finally, Morgan Stanley set a $23.00 price objective on Tandem Diabetes Care and gave the company an “equal weight” rating in a report on Tuesday, December 2nd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Tandem Diabetes Care has an average rating of “Hold” and a consensus price target of $25.06.

Tandem Diabetes Care Trading Down 2.2%

TNDM opened at $18.52 on Friday. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -6.07 and a beta of 1.68. The company’s 50 day simple moving average is $20.85 and its two-hundred day simple moving average is $16.95. Tandem Diabetes Care has a 1-year low of $9.98 and a 1-year high of $35.12. The company has a debt-to-equity ratio of 2.33, a current ratio of 2.44 and a quick ratio of 1.90.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its quarterly earnings results on Thursday, February 19th. The medical device company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.04. Tandem Diabetes Care had a negative return on equity of 73.97% and a negative net margin of 20.19%.The firm had revenue of $290.38 million during the quarter, compared to analysts’ expectations of $277.14 million. During the same quarter last year, the firm earned $0.01 earnings per share. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. Analysts expect that Tandem Diabetes Care will post -1.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC raised its holdings in shares of Tandem Diabetes Care by 80.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock valued at $30,000 after buying an additional 593 shares during the period. Caitong International Asset Management Co. Ltd grew its position in Tandem Diabetes Care by 200.0% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 2,205 shares of the medical device company’s stock valued at $27,000 after acquiring an additional 1,470 shares in the last quarter. CWM LLC grew its position in Tandem Diabetes Care by 262.6% in the 2nd quarter. CWM LLC now owns 2,796 shares of the medical device company’s stock valued at $52,000 after acquiring an additional 2,025 shares in the last quarter. Van ECK Associates Corp increased its stake in Tandem Diabetes Care by 67.4% during the fourth quarter. Van ECK Associates Corp now owns 3,430 shares of the medical device company’s stock worth $75,000 after purchasing an additional 1,381 shares during the period. Finally, Creative Financial Designs Inc. ADV lifted its position in shares of Tandem Diabetes Care by 36.0% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 3,431 shares of the medical device company’s stock worth $75,000 after purchasing an additional 909 shares in 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.