Tandem Diabetes Care (TNDM) Trading Down 7.9%
Tandem Diabetes Care Inc (NASDAQ:TNDM) was down 7.9% on Tuesday . The company traded as low as $34.00 and last traded at $35.25. Approximately 1,681,127 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 2,383,763 shares. The stock had previously closed at $38.28.
A number of equities research analysts have recently weighed in on TNDM shares. Lake Street Capital lifted their price target on shares of Tandem Diabetes Care from $35.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, August 20th. Zacks Investment Research downgraded shares of Tandem Diabetes Care from a “buy” rating to a “hold” rating in a research report on Saturday, October 6th. Robert W. Baird downgraded shares of Tandem Diabetes Care from an “outperform” rating to a “neutral” rating in a research report on Friday, September 14th. BidaskClub upgraded shares of Tandem Diabetes Care from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 23rd. Finally, Oppenheimer set a $57.00 price target on shares of Tandem Diabetes Care and gave the company a “buy” rating in a research report on Friday, November 9th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $44.75.
The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -2.74 and a beta of 0.52.
In other news, Director Richard P. Valencia acquired 1,300 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The shares were acquired at an average cost of $37.75 per share, with a total value of $49,075.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kim D. Blickenstaff sold 198,000 shares of Tandem Diabetes Care stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $37.01, for a total transaction of $7,327,980.00. The disclosure for this sale can be found here. Company insiders own 9.30% of the company’s stock.
A number of large investors have recently made changes to their positions in TNDM. US Bancorp DE grew its stake in shares of Tandem Diabetes Care by 397.8% during the third quarter. US Bancorp DE now owns 2,489 shares of the medical device company’s stock worth $107,000 after buying an additional 1,989 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of Tandem Diabetes Care during the third quarter worth $109,000. Meeder Asset Management Inc. grew its stake in shares of Tandem Diabetes Care by 1,921.6% during the third quarter. Meeder Asset Management Inc. now owns 2,709 shares of the medical device company’s stock worth $116,000 after buying an additional 2,575 shares during the last quarter. BlueMountain Capital Management LLC bought a new stake in shares of Tandem Diabetes Care during the third quarter worth $140,000. Finally, Legal & General Group Plc bought a new stake in shares of Tandem Diabetes Care during the second quarter worth $147,000. 71.60% of the stock is currently owned by institutional investors and hedge funds.
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About Tandem Diabetes Care (NASDAQ:TNDM)
Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes various products for people with insulin-dependent diabetes in the United States. The company's flagship product is the t:slim X2 insulin delivery system that comprises t:slim X2 pump, its 300-unit disposable insulin cartridge, and an infusion set.
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