TELA Bio (NASDAQ:TELA) Price Target Cut to $7.00 by Analysts at Canaccord Genuity Group

TELA Bio (NASDAQ:TELA) had its price objective lowered by Canaccord Genuity Group from $12.00 to $7.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Piper Sandler cut TELA Bio from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $5.00 to $2.00 in a report on Friday.

TELA Bio Stock Performance

Shares of TELA opened at $1.47 on Friday. The stock’s 50-day simple moving average is $2.56 and its 200 day simple moving average is $2.70. The stock has a market capitalization of $57.90 million, a price-to-earnings ratio of -0.87 and a beta of 1.10. The company has a debt-to-equity ratio of 14.22, a quick ratio of 1.81 and a current ratio of 2.62. TELA Bio has a 52-week low of $1.28 and a 52-week high of $6.50.

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

Hedge Funds Weigh In On TELA Bio

Several institutional investors have recently modified their holdings of TELA. Silverarc Capital Management LLC increased its position in shares of TELA Bio by 172.5% during the 4th 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 last quarter. DAFNA Capital Management LLC bought a new position in shares of TELA Bio during the 4th quarter valued at about $4,352,000. Stonepine Capital Management LLC increased 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 purchasing an additional 1,243,099 shares during the last quarter. Royce & Associates LP bought a new position in shares of TELA Bio during the 4th quarter valued at about $3,020,000. Finally, Perkins Capital Management Inc. increased its position in shares of TELA Bio by 303.1% during the 4th quarter. Perkins Capital Management Inc. now owns 907,865 shares of the company’s stock valued at $2,742,000 after purchasing an additional 682,665 shares during the last quarter. 94.35% of the stock is currently owned by institutional investors.

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.