TELA Bio (NASDAQ:TELA) Earns “Buy” Rating from Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of TELA Bio (NASDAQ:TELA) in a research note issued to investors on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a $12.00 target price on the stock.

Several other research analysts have also commented on TELA. JMP Securities cut their price objective on TELA Bio from $15.00 to $12.00 and set a market outperform rating for the company in a report on Tuesday, August 13th. Lake Street Capital lowered their price target on TELA Bio from $14.00 to $8.00 and set a buy rating on the stock in a research report on Tuesday, August 13th. Finally, Piper Sandler cut their target price 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 Down 3.0 %

TELA opened at $2.62 on Friday. TELA Bio has a 12 month low of $2.32 and a 12 month high of $7.84. The company has a market cap of $64.60 million, a PE ratio of -1.56 and a beta of 0.99. The company has a current ratio of 3.41, a quick ratio of 2.52 and a debt-to-equity ratio of 14.22. The company has a 50 day moving average of $3.08 and a 200 day moving average of $4.42.

TELA Bio (NASDAQ:TELA) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.06). The company had revenue of $16.09 million during the quarter, compared to analysts’ expectations of $19.00 million. TELA Bio had a negative net margin of 65.04% and a negative return on equity of 252.57%. During the same quarter last year, the firm posted ($0.46) earnings per share. On average, sell-side analysts expect that TELA Bio will post -1.39 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nantahala Capital Management LLC grew its holdings in TELA Bio by 122.8% in the 2nd quarter. Nantahala Capital Management LLC now owns 2,445,667 shares of the company’s stock worth $11,495,000 after acquiring an additional 1,347,801 shares during the last quarter. Paradigm Capital Management Inc. NY raised its position in TELA Bio by 143.8% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 1,256,200 shares of the company’s stock valued at $5,904,000 after purchasing an additional 740,935 shares during the last quarter. AIGH Capital Management LLC raised its position in TELA Bio by 17.1% during the 2nd quarter. AIGH Capital Management LLC now owns 1,656,655 shares of the company’s stock valued at $7,786,000 after purchasing an additional 241,400 shares during the last quarter. First Light Asset Management LLC lifted its holdings in TELA Bio by 7.8% in the 1st quarter. First Light Asset Management LLC now owns 2,754,028 shares of the company’s stock worth $15,615,000 after buying an additional 199,387 shares during the period. Finally, HighMark Wealth Management LLC bought a new stake in shares of TELA Bio in the 1st quarter worth approximately $1,099,000. 94.35% of the stock is owned by 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.