Tandem Diabetes Care (NASDAQ:TNDM) Price Target Lowered to $56.00 at Canaccord Genuity Group

Tandem Diabetes Care (NASDAQ:TNDM) had its target price decreased by equities research analysts at Canaccord Genuity Group from $57.00 to $56.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 67.26% from the company’s previous close.

Several other research analysts have also commented on the company. Morgan Stanley reiterated an “equal weight” rating and set a $45.00 price target on shares of Tandem Diabetes Care in a report on Monday, September 23rd. Sanford C. Bernstein started coverage on shares of Tandem Diabetes Care in a report on Wednesday. They issued an “outperform” rating and a $42.00 target price for the company. Royal Bank of Canada started coverage on Tandem Diabetes Care in a research note on Wednesday, October 2nd. They set an “outperform” rating and a $65.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 price objective (up from $50.00) on shares of Tandem Diabetes Care in a research note on Friday, August 2nd. Finally, Canaccord Genuity Group initiated coverage on Tandem Diabetes Care in a research note on Thursday, August 8th. They set a “buy” rating and a $57.00 target price on the stock. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tandem Diabetes Care has a consensus rating of “Moderate Buy” and a consensus target price of $54.13.

Tandem Diabetes Care Price Performance

Shares of Tandem Diabetes Care stock traded down $0.76 during mid-day trading on Thursday, reaching $33.48. 2,561,468 shares of the stock traded hands, compared to its average volume of 1,591,696. The business has a 50-day moving average of $39.21 and a 200 day moving average of $41.88. Tandem Diabetes Care has a fifty-two week low of $13.82 and a fifty-two week high of $53.69. The company has a quick ratio of 2.38, a current ratio of 3.05 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $2.19 billion, a PE ratio of -16.03 and a beta of 1.36.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Tandem Diabetes Care by 0.4% during the first quarter. Vanguard Group Inc. now owns 7,052,570 shares of the medical device company’s stock worth $249,732,000 after buying an additional 30,664 shares during the last quarter. Fred Alger Management LLC grew its stake in shares of Tandem Diabetes Care by 45.2% in the 2nd quarter. Fred Alger Management LLC now owns 2,174,107 shares of the medical device company’s stock valued at $87,595,000 after purchasing an additional 677,036 shares during the last quarter. Bellevue Group AG raised its stake in shares of Tandem Diabetes Care by 2.0% during the first quarter. Bellevue Group AG now owns 2,031,888 shares of the medical device company’s stock worth $71,949,000 after purchasing an additional 39,571 shares during the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of Tandem Diabetes Care by 12.2% during the third quarter. Stephens Investment Management Group LLC now owns 1,274,482 shares of the medical device company’s stock worth $54,051,000 after purchasing an additional 138,263 shares during the period. Finally, Chicago Capital LLC grew its position in Tandem Diabetes Care by 22.2% in the 3rd quarter. Chicago Capital LLC now owns 1,003,147 shares of the medical device company’s stock valued at $42,543,000 after buying an additional 182,085 shares during the last quarter.

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.