Tandem Diabetes Care (NASDAQ:TNDM) Price Target Lowered to $55.00 at Royal Bank of Canada

Tandem Diabetes Care (NASDAQ:TNDM) had its price objective dropped by Royal Bank of Canada from $65.00 to $55.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the medical device company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 148.32% from the company’s current price.

TNDM has been the subject of a number of other research reports. Barclays lifted their price objective on shares of Tandem Diabetes Care from $58.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Canaccord Genuity Group reiterated a “buy” rating and set a $63.00 price target on shares of Tandem Diabetes Care in a research report on Wednesday. Morgan Stanley raised shares of Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research note on Monday, December 2nd. Citigroup reduced their target price on shares of Tandem Diabetes Care from $57.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Finally, Sanford C. Bernstein assumed coverage on shares of Tandem Diabetes Care in a research report on Wednesday, November 6th. They set an “outperform” rating and a $42.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.38.

Tandem Diabetes Care Stock Down 34.1 %

Shares of TNDM traded down $11.44 during mid-day trading on Thursday, hitting $22.15. 7,502,208 shares of the company traded hands, compared to its average volume of 1,165,708. Tandem Diabetes Care has a 1-year low of $22.00 and a 1-year high of $53.69. The business has a 50 day moving average of $35.45 and a 200 day moving average of $36.62. The company has a quick ratio of 2.32, a current ratio of 2.90 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $1.45 billion, a PE ratio of -11.50 and a beta of 1.32.

Hedge Funds Weigh In On Tandem Diabetes Care

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hood River Capital Management LLC acquired a new stake in shares of Tandem Diabetes Care in the fourth quarter worth $46,035,000. Jacobs Levy Equity Management Inc. grew its stake in Tandem Diabetes Care by 189.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,661,013 shares of the medical device company’s stock valued at $59,830,000 after acquiring an additional 1,086,337 shares in the last quarter. Brown Advisory Inc. acquired a new position in shares of Tandem Diabetes Care in the 4th quarter valued at about $32,889,000. Park West Asset Management LLC lifted its position in shares of Tandem Diabetes Care by 49.5% in the fourth quarter. Park West Asset Management LLC now owns 1,600,000 shares of the medical device company’s stock worth $57,632,000 after purchasing an additional 530,000 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its holdings in shares of Tandem Diabetes Care by 235.7% during the fourth quarter. Baillie Gifford & Co. now owns 746,109 shares of the medical device company’s stock worth $26,875,000 after purchasing an additional 523,843 shares during the period.

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.