Tandem Diabetes Care (NASDAQ:TNDM) Downgraded to Neutral Rating by Citigroup

Tandem Diabetes Care (NASDAQ:TNDM) was downgraded by research analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, Marketbeat reports. They presently have a $24.00 target price on the medical device company’s stock, down from their previous target price of $35.00. Citigroup’s price target indicates a potential upside of 15.50% from the company’s previous close.

A number of other research firms have also issued reports on TNDM. Morgan Stanley raised shares of Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research note on Monday, December 2nd. Canaccord Genuity Group reiterated a “buy” rating and set a $63.00 price objective on shares of Tandem Diabetes Care in a research report on Wednesday, February 26th. Wells Fargo & Company restated an “equal weight” rating and issued a $22.00 target price (down from $38.00) on shares of Tandem Diabetes Care in a research report on Monday. Robert W. Baird cut their target price on Tandem Diabetes Care from $37.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, Royal Bank of Canada decreased their price target on Tandem Diabetes Care from $65.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.81.

Tandem Diabetes Care Stock Performance

Shares of TNDM opened at $20.78 on Tuesday. The firm has a fifty day moving average of $34.63 and a 200-day moving average of $36.16. The company has a market cap of $1.38 billion, a price-to-earnings ratio of -10.77 and a beta of 1.32. 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 1 year low of $20.36 and a 1 year high of $53.69.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Connective Capital Management LLC bought a new stake in shares of Tandem Diabetes Care during the 4th quarter worth $611,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Tandem Diabetes Care by 20.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 177,739 shares of the medical device company’s stock valued at $6,402,000 after purchasing an additional 30,133 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of Tandem Diabetes Care by 4.4% in the 4th quarter. Two Sigma Investments LP now owns 861,188 shares of the medical device company’s stock valued at $31,020,000 after purchasing an additional 36,475 shares during the period. State of Wyoming increased its stake in Tandem Diabetes Care by 95.9% in the 4th quarter. State of Wyoming now owns 2,996 shares of the medical device company’s stock worth $108,000 after purchasing an additional 1,467 shares in the last quarter. Finally, Shell Asset Management Co. raised its holdings in Tandem Diabetes Care by 16.9% during the 4th quarter. Shell Asset Management Co. now owns 26,281 shares of the medical device company’s stock worth $947,000 after buying an additional 3,803 shares during the period.

About Tandem Diabetes Care

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.