TELA Bio (NASDAQ:TELA) Price Target Cut to $8.00 by Analysts at Lake Street Capital

TELA Bio (NASDAQ:TELA) had its price target cut by Lake Street Capital from $14.00 to $8.00 in a report published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also issued reports on TELA. Canaccord Genuity Group cut their target price on TELA Bio from $14.00 to $12.00 and set a buy rating on the stock in a research report on Tuesday. Piper Sandler decreased their price target on TELA Bio from $10.00 to $8.00 and set an overweight rating for the company in a research report on Tuesday. Finally, JMP Securities decreased their price target on TELA Bio from $15.00 to $12.00 and set a market outperform rating for the company in a research report on Tuesday.

TELA Bio Price Performance

TELA stock opened at $3.11 on Tuesday. TELA Bio has a 52 week low of $2.54 and a 52 week high of $9.87. The firm’s 50-day moving average is $4.59 and its two-hundred day moving average is $5.39. The company has a debt-to-equity ratio of 2.83, a quick ratio of 3.23 and a current ratio of 4.13.

TELA Bio (NASDAQ:TELA) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.06). TELA Bio had a negative return on equity of 197.95% and a negative net margin of 65.04%. The company had revenue of $16.09 million for the quarter, compared to the consensus estimate of $19.00 million. During the same quarter last year, the firm posted ($0.46) earnings per share. Equities research analysts expect that TELA Bio will post -1.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Orbimed Advisors Llc sold 13,700 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $4.68, for a total value of $64,116.00. Following the completion of the sale, the insider now directly owns 2,443,842 shares of the company’s stock, valued at approximately $11,437,180.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On TELA Bio

Several hedge funds have recently bought and sold shares of TELA. Point72 DIFC Ltd purchased a new stake in shares of TELA Bio during the 2nd quarter worth about $25,000. Ground Swell Capital LLC purchased a new stake in shares of TELA Bio during the 2nd quarter worth about $53,000. Trexquant Investment LP purchased a new stake in shares of TELA Bio during the 4th quarter worth about $109,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of TELA Bio during the 2nd quarter worth about $115,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of TELA Bio during the 2nd quarter worth about $131,000. 94.35% of the stock is owned by hedge funds and other 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.