TELA Bio, Inc. (NASDAQ:TELA) Short Interest Down 38.4% in September

TELA Bio, Inc. (NASDAQ:TELA) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 1,700,000 shares, a drop of 38.4% from the August 31st total of 2,760,000 shares. Based on an average daily trading volume, of 270,800 shares, the days-to-cover ratio is presently 6.3 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on TELA shares. Lake Street Capital decreased their target price on shares of TELA Bio from $14.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. JMP Securities decreased their price objective on TELA Bio from $15.00 to $12.00 and set a “market outperform” rating for the company in a research report on Tuesday, August 13th. Canaccord Genuity Group dropped their target price on TELA Bio from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Finally, Piper Sandler decreased their price target on TELA Bio from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th.

Insider Buying and Selling

In other news, major shareholder Orbimed Advisors Llc sold 13,700 shares of the 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 completion of the sale, the insider now directly owns 2,443,842 shares of the company’s stock, valued at $11,437,180.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of TELA Bio

Institutional investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd purchased a new position in TELA Bio in the second quarter valued at about $25,000. Cubist Systematic Strategies LLC purchased a new position in TELA Bio in the 2nd quarter valued at approximately $302,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in TELA Bio during the second quarter worth $115,000. Nantahala Capital Management LLC boosted its position in TELA Bio by 122.8% during the second quarter. Nantahala Capital Management LLC now owns 2,445,667 shares of the company’s stock worth $11,495,000 after purchasing an additional 1,347,801 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in TELA Bio in the second quarter valued at $132,000. Hedge funds and other institutional investors own 94.35% of the company’s stock.

TELA Bio Price Performance

Shares of TELA opened at $2.46 on Thursday. The company has a current ratio of 3.41, a quick ratio of 2.52 and a debt-to-equity ratio of 14.22. The stock’s 50 day moving average is $3.40 and its two-hundred day moving average is $4.58. TELA Bio has a twelve month low of $2.32 and a twelve month high of $8.23. The firm has a market capitalization of $60.79 million, a PE ratio of -1.47 and a beta of 0.99.

TELA Bio (NASDAQ:TELA) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.06). The business had revenue of $16.09 million during the quarter, compared to analysts’ expectations of $19.00 million. TELA Bio had a negative net margin of 65.04% and a negative return on equity of 252.57%. During the same quarter last year, the firm earned ($0.46) earnings per share. Research analysts anticipate that TELA Bio will post -1.39 earnings per share for the current 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.