Canaccord Genuity Group Cuts TELA Bio (NASDAQ:TELA) Price Target to $12.00

TELA Bio (NASDAQ:TELA) had its price objective decreased by Canaccord Genuity Group from $14.00 to $12.00 in a research note issued to investors on Tuesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

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

TELA Bio Stock Up 1.3 %

Shares of TELA opened at $3.11 on Tuesday. The stock has a 50 day moving average price of $4.59 and a 200 day moving average price of $5.39. TELA Bio has a one year low of $2.54 and a one year high of $9.87. The company has a current ratio of 4.13, a quick ratio of 3.23 and a debt-to-equity ratio of 2.83.

TELA Bio (NASDAQ:TELA) last released its earnings results on Monday, August 12th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.06). The business had revenue of $16.09 million for the quarter, compared to analysts’ expectations of $19.00 million. TELA Bio had a negative return on equity of 197.95% and a negative net margin of 65.04%. During the same period in the previous year, the company earned ($0.46) EPS. As a group, analysts forecast that TELA Bio will post -1.39 EPS for the current fiscal year.

Insider Activity at TELA Bio

In other TELA Bio news, major shareholder Orbimed Advisors Llc sold 13,700 shares of TELA Bio stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $4.68, for a total transaction of $64,116.00. Following the transaction, the insider now directly owns 2,443,842 shares of the company’s stock, valued at $11,437,180.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TELA Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TELA. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of TELA Bio during the 2nd quarter worth $115,000. Squarepoint Ops LLC acquired a new position in TELA Bio in the second quarter valued at about $132,000. Cubist Systematic Strategies LLC purchased a new position in TELA Bio during the second quarter worth about $302,000. Point72 DIFC Ltd acquired a new stake in shares of TELA Bio during the second quarter valued at about $25,000. Finally, Paradigm Capital Management Inc. NY increased its position in shares of TELA Bio by 143.8% during the second quarter. Paradigm Capital Management Inc. NY now owns 1,256,200 shares of the company’s stock valued at $5,904,000 after acquiring an additional 740,935 shares during the last quarter. Institutional investors and hedge funds own 94.35% of the company’s stock.

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.