Canaccord Genuity Group Reaffirms “Buy” Rating for TELA Bio (NASDAQ:TELA)

TELA Bio (NASDAQ:TELA)‘s stock had its “buy” rating reissued by analysts at Canaccord Genuity Group in a research note issued to investors on Thursday, Benzinga reports. They currently have a $14.00 price target on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 197.87% from the stock’s previous close.

Separately, Piper Sandler reaffirmed an “overweight” rating and set a $10.00 price objective (down from $12.00) on shares of TELA Bio in a research report on Friday, May 10th.

TELA Bio Stock Up 2.6 %

Shares of NASDAQ:TELA traded up $0.12 on Thursday, hitting $4.70. 1,696 shares of the company traded hands, compared to its average volume of 173,634. TELA Bio has a 52 week low of $4.03 and a 52 week high of $10.22. The company has a quick ratio of 3.23, a current ratio of 4.13 and a debt-to-equity ratio of 2.83. The stock has a 50 day simple moving average of $5.22 and a 200-day simple moving average of $5.74. The company has a market cap of $115.88 million, a PE ratio of -2.74 and a beta of 1.02.

TELA Bio (NASDAQ:TELA) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.25. The company had revenue of $16.60 million during the quarter, compared to the consensus estimate of $15.90 million. TELA Bio had a negative return on equity of 155.26% and a negative net margin of 63.82%. During the same period last year, the company earned ($0.63) EPS. As a group, research analysts expect that TELA Bio will post -1.49 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Orbimed Advisors Llc sold 13,700 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $4.68, for a total value of $64,116.00. Following the transaction, the insider now directly owns 2,443,842 shares of the company’s stock, valued at approximately $11,437,180.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 6.00% of the stock is owned by insiders.

Institutional Trading of TELA Bio

Large investors have recently added to or reduced their stakes in the company. First Light Asset Management LLC increased its position in shares of TELA Bio by 7.8% during the 1st quarter. First Light Asset Management LLC now owns 2,754,028 shares of the company’s stock valued at $15,615,000 after purchasing an additional 199,387 shares during the last quarter. AIGH Capital Management LLC increased its position in shares of TELA Bio by 10.0% during the 4th quarter. AIGH Capital Management LLC now owns 1,377,945 shares of the company’s stock valued at $9,122,000 after purchasing an additional 125,000 shares during the last quarter. Vanguard Group Inc. increased its position in shares of TELA Bio by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,006,052 shares of the company’s stock valued at $5,704,000 after purchasing an additional 7,199 shares during the last quarter. Worth Venture Partners LLC increased its position in shares of TELA Bio by 9.9% during the 4th quarter. Worth Venture Partners LLC now owns 345,331 shares of the company’s stock valued at $2,286,000 after purchasing an additional 31,111 shares during the last quarter. Finally, Perkins Capital Management Inc. increased its position in shares of TELA Bio by 10.4% during the 4th quarter. Perkins Capital Management Inc. now owns 210,250 shares of the company’s stock valued at $1,392,000 after purchasing an additional 19,750 shares during the last quarter. Institutional investors own 94.35% of the company’s stock.

TELA Bio Company Profile

TELA Bio, Inc, a commercial-stage medical technology company, focuses on providing soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation and restoration of the patient's anatomy. The company provides a portfolio of OviTex Reinforced Tissue Matrix (OviTex) products for hernia repair and abdominal wall reconstruction; and OviTex PRS Reinforced Tissue Matrix products to address the unmet needs in plastic and reconstructive surgery, as well as OviTex for Laparoscopic and Robotic Procedures, a sterile reinforced tissue matrix derived from ovine rumen with polypropylene fiber intended to be used in laparoscopic and robotic-assisted hernia surgical repairs.