Canaccord Genuity Group Lowers TELA Bio (NASDAQ:TELA) Price Target to $7.00

TELA Bio (NASDAQ:TELA) had its target price decreased by Canaccord Genuity Group from $12.00 to $7.00 in a research report sent to investors on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Separately, Piper Sandler lowered TELA Bio from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $5.00 to $2.00 in a research report on Friday.

TELA Bio Trading Down 37.2 %

Shares of TELA Bio stock opened at $1.47 on Friday. TELA Bio has a 1 year low of $1.28 and a 1 year high of $6.50. The firm has a market cap of $57.90 million, a PE ratio of -0.87 and a beta of 1.10. The stock has a fifty day moving average price of $2.56 and a 200-day moving average price of $2.70. The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81.

TELA Bio (NASDAQ:TELA) last announced its earnings results on Thursday, March 20th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.01. TELA Bio had a negative return on equity of 556.18% and a negative net margin of 60.49%. The firm had revenue of $17.65 million during the quarter, compared to analyst estimates of $23.17 million. Equities research analysts anticipate that TELA Bio will post -1.37 EPS for the current year.

Institutional Investors Weigh In On TELA Bio

Several large investors have recently added to or reduced their stakes in TELA. GSA Capital Partners LLP increased its holdings in TELA Bio by 398.8% in the 3rd quarter. GSA Capital Partners LLP now owns 112,205 shares of the company’s stock worth $284,000 after acquiring an additional 89,712 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new stake in TELA Bio in the 3rd quarter worth about $362,000. Stonepine Capital Management LLC increased its holdings in TELA Bio by 77.4% in the 3rd quarter. Stonepine Capital Management LLC now owns 1,110,000 shares of the company’s stock worth $2,808,000 after acquiring an additional 484,355 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in TELA Bio by 91.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock worth $86,000 after purchasing an additional 13,555 shares during the period. Finally, Royce & Associates LP bought a new position in TELA Bio in the 4th quarter worth about $3,020,000. Hedge funds and other institutional investors own 94.35% of the company’s stock.

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.