TELA Bio, Inc. (NASDAQ:TELA) Short Interest Update

TELA Bio, Inc. (NASDAQ:TELA) was the target of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 335,900 shares, a drop of 29.8% from the October 31st total of 478,700 shares. Based on an average daily trading volume, of 223,100 shares, the days-to-cover ratio is currently 1.5 days.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JMP Securities reduced their price objective on shares of TELA Bio from $15.00 to $12.00 and set a “market outperform” rating on the stock in a research note on Tuesday, August 13th. Lake Street Capital reduced their price target on shares of TELA Bio from $14.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Canaccord Genuity Group restated a “buy” rating and set a $12.00 price objective on shares of TELA Bio in a research note on Friday, October 4th. Finally, Piper Sandler decreased their target price on TELA Bio from $8.00 to $5.00 and set an “overweight” rating for the company in a research report on Friday, November 8th.

TELA Bio Stock Performance

Shares of NASDAQ:TELA traded up $0.11 during trading on Friday, reaching $3.14. 74,993 shares of the company’s stock traded hands, compared to its average volume of 193,925. The stock has a market capitalization of $123.68 million, a P/E ratio of -1.86 and a beta of 0.97. TELA Bio has a 12 month low of $2.30 and a 12 month high of $7.84. The company has a 50 day moving average of $2.75 and a 200-day moving average of $3.81. 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 posted its earnings results on Thursday, November 7th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.05). The company had revenue of $18.96 million for the quarter, compared to the consensus estimate of $19.10 million. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. During the same period last year, the company posted ($0.45) earnings per share. On average, equities analysts expect that TELA Bio will post -1.37 EPS for the current year.

Insider Activity at TELA Bio

In other news, CTO Paul Talmo acquired 22,222 shares of the firm’s stock in a transaction on Thursday, October 24th. The stock was bought at an average cost of $2.25 per share, with a total value of $49,999.50. Following the transaction, the chief technology officer now directly owns 91,082 shares in the company, valued at approximately $204,934.50. This represents a 32.27 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Roberto Cuca bought 64,444 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were acquired at an average cost of $2.25 per share, for a total transaction of $144,999.00. Following the completion of the transaction, the chief financial officer now owns 155,388 shares of the company’s stock, valued at approximately $349,623. The trade was a 70.86 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 182,220 shares of company stock worth $409,995. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TELA Bio

Several hedge funds and other institutional investors have recently modified their holdings of the company. Stonepine Capital Management LLC lifted its position 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 valued at $2,808,000 after purchasing an additional 484,355 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new stake in shares of TELA Bio in the third quarter valued at approximately $362,000. GSA Capital Partners LLP raised its holdings in shares of TELA Bio by 398.8% during the third quarter. GSA Capital Partners LLP now owns 112,205 shares of the company’s stock valued at $284,000 after buying an additional 89,712 shares during the last quarter. Perkins Capital Management Inc. boosted its position in shares of TELA Bio by 10.2% during the third quarter. Perkins Capital Management Inc. now owns 225,200 shares of the company’s stock worth $570,000 after buying an additional 20,850 shares during the period. Finally, Embree Financial Group bought a new position in TELA Bio in the 3rd quarter worth approximately $25,000. Institutional investors and hedge funds 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.