Canaccord Genuity Group Lowers TELA Bio (NASDAQ:TELA) Price Target to $7.00

TELA Bio (NASDAQ:TELA) had its price objective cut by equities research analysts at Canaccord Genuity Group from $12.00 to $7.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 392.96% from the company’s previous close.

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

TELA Bio Trading Down 39.3 %

Shares of NASDAQ:TELA traded down $0.92 on Friday, hitting $1.42. 2,052,454 shares of the company’s stock were exchanged, compared to its average volume of 207,271. The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81. The business’s 50 day simple moving average is $2.58 and its two-hundred day simple moving average is $2.71. The stock has a market capitalization of $55.93 million, a price-to-earnings ratio of -0.84 and a beta of 1.10. TELA Bio has a 12 month low of $1.29 and a 12 month high of $6.50.

TELA Bio (NASDAQ:TELA) last released its quarterly earnings data 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. The firm had revenue of $17.65 million during the quarter, compared to the consensus estimate of $23.17 million. TELA Bio had a negative return on equity of 556.18% and a negative net margin of 60.49%. Analysts anticipate that TELA Bio will post -1.37 EPS for the current fiscal year.

Hedge Funds Weigh In On TELA Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Stonepine Capital Management LLC grew its stake in TELA Bio by 112.0% in the fourth 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. Mink Brook Asset Management LLC purchased a new position in TELA Bio in the fourth quarter valued at about $1,078,000. DAFNA Capital Management LLC purchased a new position in TELA Bio in the fourth quarter valued at about $4,352,000. Cubist Systematic Strategies LLC grew its stake in TELA Bio by 95.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company’s stock valued at $95,000 after purchasing an additional 15,283 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in TELA Bio by 30.5% in the fourth quarter. Jane Street Group LLC now owns 30,705 shares of the company’s stock valued at $93,000 after purchasing an additional 7,174 shares during the last quarter. Hedge funds and other institutional investors 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.