Citigroup Cuts Tandem Diabetes Care (NASDAQ:TNDM) Price Target to $50.00

Tandem Diabetes Care (NASDAQ:TNDM) had its price objective lowered by Citigroup from $57.00 to $50.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. Citigroup’s price target indicates a potential upside of 45.48% from the company’s current price.

A number of other brokerages have also recently issued reports on TNDM. Robert W. Baird lowered their target price on shares of Tandem Diabetes Care from $39.00 to $37.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Canaccord Genuity Group reduced their price objective on shares of Tandem Diabetes Care from $57.00 to $56.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group started coverage on shares of Tandem Diabetes Care in a report on Friday, October 4th. They set a “neutral” rating and a $46.00 target price on the stock. Barclays upped their target price on Tandem Diabetes Care from $58.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Royal Bank of Canada started coverage on Tandem Diabetes Care in a report on Wednesday, October 2nd. They issued an “outperform” rating and a $65.00 price objective on the stock. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Tandem Diabetes Care presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.81.

Tandem Diabetes Care Trading Up 1.7 %

Shares of TNDM traded up $0.56 during mid-day trading on Wednesday, reaching $34.37. 742,129 shares of the company were exchanged, compared to its average volume of 1,582,520. The company has a debt-to-equity ratio of 1.29, a quick ratio of 2.32 and a current ratio of 2.90. Tandem Diabetes Care has a 52 week low of $21.85 and a 52 week high of $53.69. The business has a 50 day simple moving average of $33.25 and a two-hundred day simple moving average of $39.90. The stock has a market capitalization of $2.26 billion, a PE ratio of -17.81 and a beta of 1.33.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its earnings results on Wednesday, November 6th. The medical device company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.43) by $0.08. Tandem Diabetes Care had a negative net margin of 14.84% and a negative return on equity of 44.19%. The firm had revenue of $243.97 million for the quarter, compared to analysts’ expectations of $224.14 million. During the same quarter last year, the firm earned ($0.38) EPS. The company’s quarterly revenue was up 31.4% compared to the same quarter last year. On average, analysts predict that Tandem Diabetes Care will post -1.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Kim D. Blickenstaff sold 10,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the transaction, the director now owns 195,190 shares in the company, valued at $5,855,700. This trade represents a 4.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tandem Diabetes Care

Large investors have recently added to or reduced their stakes in the stock. Fred Alger Management LLC raised its position in shares of Tandem Diabetes Care by 45.2% during the 2nd quarter. Fred Alger Management LLC now owns 2,174,107 shares of the medical device company’s stock worth $87,595,000 after purchasing an additional 677,036 shares during the last quarter. Victory Capital Management Inc. increased its stake in Tandem Diabetes Care by 2,836.2% during the 2nd quarter. Victory Capital Management Inc. now owns 403,370 shares of the medical device company’s stock worth $16,252,000 after buying an additional 389,632 shares in the last quarter. Bellevue Group AG raised its holdings in shares of Tandem Diabetes Care by 19.9% during the third quarter. Bellevue Group AG now owns 1,850,891 shares of the medical device company’s stock valued at $78,496,000 after acquiring an additional 307,624 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Tandem Diabetes Care in the third quarter valued at approximately $10,208,000. Finally, First Light Asset Management LLC boosted its stake in shares of Tandem Diabetes Care by 49.1% in the second quarter. First Light Asset Management LLC now owns 708,482 shares of the medical device company’s stock worth $28,545,000 after acquiring an additional 233,405 shares during the last quarter.

Tandem Diabetes Care Company Profile

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.