Piper Sandler Downgrades TELA Bio (NASDAQ:TELA) to Neutral

Piper Sandler downgraded shares of TELA Bio (NASDAQ:TELA) from an overweight rating to a neutral rating in a report issued on Friday morning, Marketbeat reports. Piper Sandler currently has $2.00 target price on the stock, down from their previous target price of $5.00.

TELA Bio Stock Performance

NASDAQ TELA opened at $1.47 on Friday. 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 has a 52-week low of $1.28 and a 52-week high of $6.50. The business’s 50-day moving average price is $2.56 and its 200 day moving average price is $2.70. The firm has a market cap of $57.90 million, a P/E ratio of -0.87 and a beta of 1.10.

TELA Bio (NASDAQ:TELA) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.01. The firm had revenue of $17.65 million for the quarter, compared to analyst estimates of $23.17 million. TELA Bio had a negative return on equity of 556.18% and a negative net margin of 60.49%. On average, equities research analysts expect that TELA Bio will post -1.37 earnings per share for the current year.

Institutional Investors Weigh In On TELA Bio

A number of hedge funds have recently added to or reduced their stakes in the company. Silverarc Capital Management LLC lifted its position in TELA Bio by 172.5% in the fourth quarter. Silverarc Capital Management LLC now owns 3,065,649 shares of the company’s stock valued at $9,258,000 after purchasing an additional 1,940,721 shares during the period. AIGH Capital Management LLC lifted its position in TELA Bio by 7.8% in the fourth quarter. AIGH Capital Management LLC now owns 2,662,785 shares of the company’s stock valued at $8,042,000 after purchasing an additional 193,412 shares during the period. Stonepine Capital Management LLC lifted its position in shares of TELA Bio by 112.0% during the 4th quarter. Stonepine Capital Management LLC now owns 2,353,099 shares of the company’s stock valued at $7,106,000 after acquiring an additional 1,243,099 shares during the period. DAFNA Capital Management LLC acquired a new stake in shares of TELA Bio during the 4th quarter valued at approximately $4,352,000. Finally, Royce & Associates LP acquired a new stake in shares of TELA Bio during the 4th quarter valued at approximately $3,020,000. Institutional investors and hedge funds own 94.35% of the company’s stock.

TELA Bio Company Profile

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.