TELA Bio (NASDAQ:TELA) was the target of a significant decrease in short interest in June. As of June 30th, there was short interest totalling 92,400 shares, a decrease of 15.6% from the June 15th total of 109,500 shares. Based on an average daily trading volume, of 41,700 shares, the days-to-cover ratio is currently 2.2 days. Approximately 1.4% of the shares of the company are sold short.
A number of analysts have commented on the company. Zacks Investment Research cut TELA Bio from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. JMP Securities upped their price target on TELA Bio from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Finally, Canaccord Genuity upped their price target on TELA Bio from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $19.50.
Institutional investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. bought a new position in TELA Bio during the fourth quarter valued at approximately $2,609,000. BlackRock Inc. boosted its stake in TELA Bio by 125.3% during the first quarter. BlackRock Inc. now owns 13,268 shares of the company’s stock valued at $104,000 after buying an additional 7,379 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in TELA Bio during the first quarter valued at approximately $106,000. Credit Suisse AG bought a new position in TELA Bio during the fourth quarter valued at approximately $141,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in TELA Bio during the fourth quarter valued at approximately $1,419,000. 56.98% of the stock is owned by institutional investors.
Shares of NASDAQ:TELA traded down $1.21 during trading on Tuesday, hitting $12.71. 4,680 shares of the company’s stock were exchanged, compared to its average volume of 200,654. The company has a debt-to-equity ratio of 1.25, a current ratio of 13.07 and a quick ratio of 11.94. TELA Bio has a 52-week low of $5.25 and a 52-week high of $23.55. The business’s 50-day simple moving average is $16.13 and its 200 day simple moving average is $13.29. The company has a market cap of $157.00 million and a price-to-earnings ratio of -0.76.
TELA Bio (NASDAQ:TELA) last released its earnings results on Tuesday, May 12th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.09). The company had revenue of $3.73 million during the quarter, compared to analysts’ expectations of $3.60 million. On average, sell-side analysts anticipate that TELA Bio will post -2.26 EPS for the current fiscal year.
About TELA Bio
TELA Bio, Inc, a medical technology company, focuses on the design, development, and marketing of tissue reinforcement materials to address unmet needs in soft tissue reconstruction. It offers reinforced tissue matrix products for a variety of reconstruction procedures, including hernia repair, abdominal wall reconstruction, and plastic and reconstructive surgery.
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