Tandem Diabetes Care (NASDAQ:TNDM) Stock Price Down 9.6% on Analyst Downgrade

Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) were down 9.6% on Friday after Canaccord Genuity Group lowered their price target on the stock from $57.00 to $56.00. Canaccord Genuity Group currently has a buy rating on the stock. Tandem Diabetes Care traded as low as $30.13 and last traded at $30.13. Approximately 2,395,340 shares traded hands during mid-day trading, an increase of 50% from the average daily volume of 1,600,117 shares. The stock had previously closed at $33.32.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company lifted their price objective on Tandem Diabetes Care from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Barclays lifted their price objective on Tandem Diabetes Care from $55.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. UBS Group upgraded Tandem Diabetes Care to a “hold” rating in a research report on Friday, August 2nd. Piper Sandler restated an “overweight” rating and set a $55.00 price target (up from $50.00) on shares of Tandem Diabetes Care in a research report on Friday, August 2nd. Finally, Morgan Stanley restated an “equal weight” rating and set a $45.00 price target on shares of Tandem Diabetes Care in a research report on Monday, September 23rd. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.25.

Institutional Investors Weigh In On Tandem Diabetes Care

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Tandem Diabetes Care by 0.4% in the first quarter. Vanguard Group Inc. now owns 7,052,570 shares of the medical device company’s stock worth $249,732,000 after acquiring an additional 30,664 shares in the last quarter. Fred Alger Management LLC boosted its holdings in Tandem Diabetes Care by 45.2% in the second quarter. Fred Alger Management LLC now owns 2,174,107 shares of the medical device company’s stock worth $87,595,000 after acquiring an additional 677,036 shares in the last quarter. Bellevue Group AG boosted its holdings in Tandem Diabetes Care by 2.0% in the first quarter. Bellevue Group AG now owns 2,031,888 shares of the medical device company’s stock worth $71,949,000 after acquiring an additional 39,571 shares in the last quarter. Stephens Investment Management Group LLC boosted its holdings in Tandem Diabetes Care by 12.2% in the third quarter. Stephens Investment Management Group LLC now owns 1,274,482 shares of the medical device company’s stock worth $54,051,000 after acquiring an additional 138,263 shares in the last quarter. Finally, Chicago Capital LLC boosted its holdings in Tandem Diabetes Care by 22.2% in the third quarter. Chicago Capital LLC now owns 1,003,147 shares of the medical device company’s stock worth $42,543,000 after acquiring an additional 182,085 shares in the last quarter.

Tandem Diabetes Care Stock Down 8.2 %

The company has a 50 day moving average price of $38.73 and a two-hundred day moving average price of $41.81. 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 stock has a market cap of $2.00 billion, a PE ratio of -15.85 and a beta of 1.36.

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.