Canaccord Genuity Group Reaffirms “Buy” Rating for TELA Bio (NASDAQ:TELA)

TELA Bio (NASDAQ:TELA)‘s stock had its “buy” rating reaffirmed by research analysts at Canaccord Genuity Group in a note issued to investors on Thursday, Benzinga reports. They presently have a $14.00 price target on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 197.87% from the stock’s previous close.

Separately, Piper Sandler reiterated an “overweight” rating and issued a $10.00 target price (down previously from $12.00) on shares of TELA Bio in a research report on Friday, May 10th.

TELA Bio Stock Up 2.6 %

TELA stock traded up $0.12 during midday trading on Thursday, reaching $4.70. The company had a trading volume of 1,696 shares, compared to its average volume of 173,634. TELA Bio has a 1 year low of $4.03 and a 1 year high of $10.22. The company has a current ratio of 4.13, a quick ratio of 3.23 and a debt-to-equity ratio of 2.83. The company has a market capitalization of $115.88 million, a P/E ratio of -2.74 and a beta of 1.02. The company has a 50 day moving average of $5.22 and a two-hundred day moving average of $5.74.

TELA Bio (NASDAQ:TELA) last released its earnings results on Thursday, May 9th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.25. TELA Bio had a negative net margin of 63.82% and a negative return on equity of 155.26%. The company had revenue of $16.60 million during the quarter, compared to the consensus estimate of $15.90 million. During the same quarter in the prior year, the firm earned ($0.63) EPS. On average, equities research analysts expect that TELA Bio will post -1.49 earnings per share for the current fiscal year.

Insider Transactions at TELA Bio

In related news, major shareholder Orbimed Advisors Llc sold 378,000 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $4.74, for a total value of $1,791,720.00. Following the transaction, the insider now directly owns 2,457,542 shares in the company, valued at approximately $11,648,749.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TELA Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. First Light Asset Management LLC lifted its holdings in shares of TELA Bio by 7.8% during the 1st quarter. First Light Asset Management LLC now owns 2,754,028 shares of the company’s stock worth $15,615,000 after acquiring an additional 199,387 shares during the period. AIGH Capital Management LLC lifted its holdings in TELA Bio by 10.0% during the 4th quarter. AIGH Capital Management LLC now owns 1,377,945 shares of the company’s stock valued at $9,122,000 after purchasing an additional 125,000 shares during the last quarter. Vanguard Group Inc. lifted 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 valued at $5,704,000 after purchasing an additional 7,199 shares during the last quarter. Worth Venture Partners LLC lifted its holdings in TELA Bio by 9.9% during the 4th quarter. Worth Venture Partners LLC now owns 345,331 shares of the company’s stock valued at $2,286,000 after purchasing an additional 31,111 shares during the last quarter. Finally, Perkins Capital Management Inc. lifted its holdings in TELA Bio by 10.4% during the 4th quarter. Perkins Capital Management Inc. now owns 210,250 shares of the company’s stock valued at $1,392,000 after purchasing an additional 19,750 shares during the last quarter. 94.35% of the stock is owned by institutional investors.

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.