Tandem Diabetes Care (NASDAQ:TNDM) Shares Gap Up – Should You Buy?

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $30.63, but opened at $32.13. Tandem Diabetes Care shares last traded at $32.70, with a volume of 350,783 shares.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Sanford C. Bernstein initiated coverage on shares of Tandem Diabetes Care in a report on Wednesday, November 6th. They issued an “outperform” rating and a $42.00 price objective on the stock. Barclays raised their price objective on Tandem Diabetes Care from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. The Goldman Sachs Group initiated coverage on Tandem Diabetes Care in a research note on Friday, October 4th. They issued a “neutral” rating and a $46.00 target price on the stock. Royal Bank of Canada started coverage on Tandem Diabetes Care in a research report on Wednesday, October 2nd. They issued an “outperform” rating and a $65.00 price target for the company. Finally, Canaccord Genuity Group cut their price objective on shares of Tandem Diabetes Care from $57.00 to $56.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Tandem Diabetes Care currently has an average rating of “Moderate Buy” and an average target price of $54.25.

Tandem Diabetes Care Stock Up 5.9 %

The company’s 50-day simple moving average is $34.88 and its two-hundred day simple moving average is $40.74. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.90 and a quick ratio of 2.32. The firm has a market capitalization of $2.13 billion, a P/E ratio of -17.25 and a beta of 1.36.

Tandem Diabetes Care (NASDAQ:TNDM) last released its earnings results on Wednesday, November 6th. The medical device company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.08. The company had revenue of $243.97 million for the quarter, compared to the consensus estimate of $224.14 million. Tandem Diabetes Care had a negative return on equity of 44.19% and a negative net margin of 14.84%. Tandem Diabetes Care’s quarterly revenue was up 31.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.38) earnings per share. As a group, research analysts expect that Tandem Diabetes Care, Inc. will post -1.68 earnings per share for the current year.

Insider Transactions at Tandem Diabetes Care

In other news, Director Kim D. Blickenstaff sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the transaction, the director now owns 195,190 shares of the company’s stock, valued at approximately $5,855,700. The trade was a 4.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Tandem Diabetes Care

Hedge funds have recently made changes to their positions in the company. Oppenheimer & Co. Inc. increased its stake in Tandem Diabetes Care by 368.5% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 26,125 shares of the medical device company’s stock worth $1,108,000 after acquiring an additional 20,549 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Tandem Diabetes Care by 32.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 272,097 shares of the medical device company’s stock worth $11,540,000 after buying an additional 66,687 shares in the last quarter. LMR Partners LLP grew its position in Tandem Diabetes Care by 235.5% in the third quarter. LMR Partners LLP now owns 33,824 shares of the medical device company’s stock worth $1,434,000 after acquiring an additional 23,743 shares in the last quarter. Bellevue Group AG boosted its holdings in shares of Tandem Diabetes Care by 19.9% in the 3rd quarter. Bellevue Group AG now owns 1,850,891 shares of the medical device company’s stock worth $78,496,000 after purchasing an additional 307,624 shares during the period. Finally, abrdn plc bought a new position in shares of Tandem Diabetes Care during the 3rd quarter valued at approximately $6,126,000.

About Tandem Diabetes Care

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.