TELA Bio, Inc. (NASDAQ:TELA) Short Interest Down 38.4% in September

TELA Bio, Inc. (NASDAQ:TELA) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totalling 1,700,000 shares, a decrease of 38.4% from the August 31st total of 2,760,000 shares. Based on an average trading volume of 270,800 shares, the short-interest ratio is presently 6.3 days.

Insider Activity at TELA Bio

In other TELA Bio news, major shareholder Orbimed Advisors Llc sold 13,700 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $4.68, for a total value of $64,116.00. Following the sale, the insider now directly owns 2,443,842 shares of the company’s stock, valued at $11,437,180.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Paradigm Capital Management Inc. NY increased its holdings in shares of TELA Bio by 143.8% during the second quarter. Paradigm Capital Management Inc. NY now owns 1,256,200 shares of the company’s stock worth $5,904,000 after buying an additional 740,935 shares in the last quarter. AIGH Capital Management LLC grew its stake in TELA Bio by 17.1% in the second quarter. AIGH Capital Management LLC now owns 1,656,655 shares of the company’s stock valued at $7,786,000 after acquiring an additional 241,400 shares during the period. Vanguard Group Inc. raised its holdings in TELA Bio by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,006,052 shares of the company’s stock worth $5,704,000 after buying an additional 7,199 shares during the period. Trexquant Investment LP acquired a new position in shares of TELA Bio during the fourth quarter worth about $109,000. Finally, Los Angeles Capital Management LLC acquired a new stake in TELA Bio in the 2nd quarter valued at approximately $131,000. Institutional investors own 94.35% of the company’s stock.

Wall Street Analyst Weigh In

TELA has been the subject of a number of recent analyst reports. 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, August 13th. Lake Street Capital cut their price target on TELA Bio from $14.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Canaccord Genuity Group cut their price target on TELA Bio from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, Piper Sandler cut their price target on TELA Bio from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th.

TELA Bio Stock Performance

Shares of NASDAQ:TELA traded up $0.01 on Friday, hitting $2.63. 48,210 shares of the company were exchanged, compared to its average volume of 180,770. TELA Bio has a one year low of $2.32 and a one year high of $8.05. The firm has a market capitalization of $64.84 million, a price-to-earnings ratio of -1.57 and a beta of 0.99. The company’s 50 day moving average price is $3.28 and its two-hundred day moving average price is $4.53. The company has a debt-to-equity ratio of 14.22, a quick ratio of 2.52 and a current ratio of 3.41.

TELA Bio (NASDAQ:TELA) last released its earnings results on Monday, August 12th. The company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.06). TELA Bio had a negative return on equity of 252.57% and a negative net margin of 65.04%. The firm had revenue of $16.09 million for the quarter, compared to analyst estimates of $19.00 million. During the same period last year, the business earned ($0.46) earnings per share. Research analysts expect that TELA Bio will post -1.39 earnings per share for the current year.

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.