TELA Bio, Inc. (NASDAQ:TELA) Sees Large Drop in Short Interest

TELA Bio, Inc. (NASDAQ:TELA) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 478,700 shares, a decrease of 68.9% from the October 15th total of 1,540,000 shares. Based on an average daily volume of 258,700 shares, the short-interest ratio is presently 1.9 days.

Insiders Place Their Bets

In other news, CTO Paul Talmo purchased 22,222 shares of TELA Bio stock in a transaction dated Thursday, October 24th. The shares were bought at an average cost of $2.25 per share, for a total transaction of $49,999.50. Following the completion of the acquisition, the chief technology officer now owns 91,082 shares in the company, valued at approximately $204,934.50. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Paul Talmo bought 22,222 shares of the stock in a transaction that occurred on Thursday, October 24th. The stock was acquired at an average cost of $2.25 per share, with a total value of $49,999.50. Following the transaction, the chief technology officer now directly owns 91,082 shares in the company, valued at approximately $204,934.50. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Antony Koblish purchased 88,888 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was bought at an average cost of $2.25 per share, with a total value of $199,998.00. Following the purchase, the chief executive officer now owns 458,897 shares of the company’s stock, valued at approximately $1,032,518.25. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 182,220 shares of company stock valued at $409,995 in the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of TELA Bio

Institutional investors have recently made changes to their positions in the company. Point72 DIFC Ltd bought a new stake in TELA Bio in the 2nd quarter worth about $25,000. Vanguard Group Inc. lifted its holdings in TELA Bio by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,006,052 shares of the company’s stock worth $5,704,000 after acquiring an additional 7,199 shares during the period. Embree Financial Group purchased a new position in TELA Bio in the third quarter worth $25,000. Ground Swell Capital LLC purchased a new position in TELA Bio in the second quarter worth $53,000. Finally, Perkins Capital Management Inc. grew its stake in TELA Bio by 10.2% in the 3rd quarter. Perkins Capital Management Inc. now owns 225,200 shares of the company’s stock valued at $570,000 after purchasing an additional 20,850 shares during the period. Institutional investors own 94.35% of the company’s stock.

Analyst Ratings Changes

TELA has been the topic of several recent analyst reports. Lake Street Capital dropped their price target on TELA Bio from $14.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. JMP Securities cut their target price on shares of TELA Bio from $15.00 to $12.00 and set a “market outperform” rating on the stock in a research note on Tuesday, August 13th. Canaccord Genuity Group reissued a “buy” rating and set a $12.00 price objective on shares of TELA Bio in a research report on Friday, October 4th. Finally, Piper Sandler dropped their price target on TELA Bio from $8.00 to $5.00 and set an “overweight” rating on the stock in a research note on Friday.

TELA Bio Stock Up 3.7 %

NASDAQ TELA traded up $0.11 during trading hours on Tuesday, hitting $3.05. The company’s stock had a trading volume of 29,628 shares, compared to its average volume of 195,446. The company has a market capitalization of $75.38 million, a PE ratio of -1.74 and a beta of 0.97. The company has a current ratio of 3.41, a quick ratio of 2.52 and a debt-to-equity ratio of 14.22. TELA Bio has a 52 week low of $2.30 and a 52 week high of $7.84. The company’s 50-day simple moving average is $2.65 and its two-hundred day simple moving average is $3.97.

TELA Bio (NASDAQ:TELA) last announced its earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.05). The company had revenue of $18.96 million for the quarter, compared to analysts’ expectations of $19.10 million. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 344.73%. During the same period in the previous year, the firm earned ($0.45) EPS. Research analysts anticipate that TELA Bio will post -1.39 EPS for the current fiscal year.

About TELA Bio

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.