Tandem Diabetes Care (NASDAQ:TNDM) Price Target Lowered to $56.00 at Canaccord Genuity Group

Tandem Diabetes Care (NASDAQ:TNDM) had its price objective lowered by analysts at Canaccord Genuity Group from $57.00 to $56.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 67.26% from the stock’s previous close.

Several other brokerages have also issued reports on TNDM. Morgan Stanley reaffirmed an “equal weight” rating and set a $45.00 price target on shares of Tandem Diabetes Care in a research note on Monday, September 23rd. Barclays lifted their price target on Tandem Diabetes Care from $55.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Royal Bank of Canada began coverage on shares of Tandem Diabetes Care in a research note on Wednesday, October 2nd. They set an “outperform” rating and a $65.00 target price for the company. The Goldman Sachs Group initiated coverage on Tandem Diabetes Care in a research report on Friday, October 4th. They issued a “neutral” rating and a $46.00 price target for the company. Finally, Sanford C. Bernstein began coverage on Tandem Diabetes Care in a report on Wednesday. They set an “outperform” rating and a $42.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.13.

Tandem Diabetes Care Stock Performance

Shares of TNDM traded down $0.76 during mid-day trading on Thursday, hitting $33.48. The stock had a trading volume of 2,561,468 shares, compared to its average volume of 1,591,696. The company has a debt-to-equity ratio of 1.31, a current ratio of 3.05 and a quick ratio of 2.38. The firm has a market cap of $2.19 billion, a P/E ratio of -16.03 and a beta of 1.36. Tandem Diabetes Care has a 52 week low of $13.82 and a 52 week high of $53.69. The business has a fifty day moving average price of $39.21 and a 200-day moving average price of $41.88.

Hedge Funds Weigh In On Tandem Diabetes Care

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in Tandem Diabetes Care by 1,567.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 6,635 shares of the medical device company’s stock worth $235,000 after purchasing an additional 6,237 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Tandem Diabetes Care by 6.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 139,485 shares of the medical device company’s stock worth $5,423,000 after acquiring an additional 8,627 shares during the period. BNP Paribas Financial Markets grew its position in shares of Tandem Diabetes Care by 1,481.5% during the 1st quarter. BNP Paribas Financial Markets now owns 145,812 shares of the medical device company’s stock valued at $5,163,000 after acquiring an additional 136,592 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of Tandem Diabetes Care by 4.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 34,506 shares of the medical device company’s stock valued at $1,222,000 after purchasing an additional 1,493 shares in the last quarter. Finally, Texas Permanent School Fund Corp raised its holdings in Tandem Diabetes Care by 1.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 56,910 shares of the medical device company’s stock worth $2,015,000 after purchasing an additional 915 shares during the period.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. The company's flagship product is the t:slim X2 insulin delivery system, a pump platform for managing insulin delivery and display continuous glucose monitoring sensor information directly on the pump home screen; and Tandem Mobi insulin pump, an automated insulin delivery system.