TELA Bio, Inc. (NASDAQ:TELA) Shares Sold by State Street Corp

State Street Corp cut its stake in shares of TELA Bio, Inc. (NASDAQ:TELA) by 39.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 65,483 shares of the company’s stock after selling 41,952 shares during the period. State Street Corp’s holdings in TELA Bio were worth $166,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Stonepine Capital Management LLC lifted its position in TELA Bio by 77.4% during the 3rd quarter. Stonepine Capital Management LLC now owns 1,110,000 shares of the company’s stock worth $2,808,000 after acquiring an additional 484,355 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new position in TELA Bio during the 3rd quarter worth approximately $362,000. GSA Capital Partners LLP lifted its position in TELA Bio by 398.8% during the 3rd quarter. GSA Capital Partners LLP now owns 112,205 shares of the company’s stock worth $284,000 after acquiring an additional 89,712 shares in the last quarter. Perkins Capital Management Inc. lifted its position in TELA Bio by 10.2% during the 3rd quarter. Perkins Capital Management Inc. now owns 225,200 shares of the company’s stock worth $570,000 after acquiring an additional 20,850 shares in the last quarter. Finally, Embree Financial Group acquired a new position in TELA Bio during the 3rd quarter worth approximately $25,000. 94.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TELA. Piper Sandler reduced their price target on TELA Bio from $8.00 to $5.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $12.00 target price on shares of TELA Bio in a research report on Friday, October 4th.

TELA Bio Stock Performance

Shares of TELA opened at $2.91 on Friday. The business’s 50 day moving average is $2.93 and its two-hundred day moving average is $3.30. TELA Bio, Inc. has a 52-week low of $2.30 and a 52-week high of $7.84. The firm has a market cap of $114.62 million, a price-to-earnings ratio of -1.72 and a beta of 0.99. The company has a quick ratio of 1.81, a current ratio of 2.62 and a debt-to-equity ratio of 14.22.

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 analysts’ consensus estimates of ($0.37) by ($0.05). The business had revenue of $18.96 million during the quarter, compared to analyst estimates of $19.10 million. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. During the same period in the previous year, the company earned ($0.45) earnings per share. Analysts forecast that TELA Bio, Inc. will post -1.37 EPS for the current fiscal year.

Insider Activity at TELA Bio

In other news, CEO Antony Koblish purchased 88,888 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The shares were acquired at an average cost of $2.25 per share, with a total value of $199,998.00. Following the transaction, the chief executive officer now owns 458,897 shares in the company, valued at approximately $1,032,518.25. The trade was a 24.02 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Roberto Cuca acquired 64,444 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were bought at an average price of $2.25 per share, with a total value of $144,999.00. Following the completion of the purchase, the chief financial officer now owns 155,388 shares in the company, valued at $349,623. The trade was a 70.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 182,220 shares of company stock valued at $409,995. Corporate insiders own 6.00% of the company’s stock.

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.