TELA Bio (NASDAQ:TELA) Shares Up 1.2% – Here’s What Happened

TELA Bio, Inc. (NASDAQ:TELA) rose 1.2% on Tuesday . The stock traded as high as $0.8368 and last traded at $0.8235. Approximately 61,789 shares traded hands during trading, a decline of 81% from the average daily volume of 329,114 shares. The stock had previously closed at $0.8141.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Canaccord Genuity Group dropped their price objective on shares of TELA Bio from $7.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Loop Capital set a $3.00 price target on shares of TELA Bio in a report on Monday, December 1st. Piper Sandler reissued a “neutral” rating and set a $1.25 price objective (down from $2.00) on shares of TELA Bio in a research note on Friday, November 14th. Citizens Jmp cut their target price on TELA Bio from $7.00 to $5.00 and set a “market outperform” rating on the stock in a research report on Friday, November 14th. Finally, Lake Street Capital reissued a “buy” rating on shares of TELA Bio in a research report on Monday, December 1st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, TELA Bio currently has a consensus rating of “Hold” and a consensus target price of $3.25.

TELA Bio Trading Up 1.2%

The company has a market capitalization of $33.22 million, a PE ratio of -0.93 and a beta of 0.88. The company has a current ratio of 3.30, a quick ratio of 2.62 and a debt-to-equity ratio of 26.65. The business’s 50-day simple moving average is $1.05 and its two-hundred day simple moving average is $1.34.

TELA Bio (NASDAQ:TELA) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.02). TELA Bio had a negative return on equity of 272.13% and a negative net margin of 50.61%.The company had revenue of $20.69 million for the quarter, compared to analyst estimates of $21.78 million. On average, analysts predict that TELA Bio, Inc. will post -1.37 earnings per share for the current year.

Insider Activity at TELA Bio

In other TELA Bio news, major shareholder Ew Healthcare Partners Fund 2, bought 3,604,000 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were purchased at an average cost of $1.11 per share, for a total transaction of $4,000,440.00. Following the transaction, the insider directly owned 7,714,709 shares in the company, valued at $8,563,326.99. The trade was a 87.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TELA. Solstein Capital LLC purchased a new stake in TELA Bio in the 2nd quarter worth about $32,000. WealthTrust Axiom LLC acquired a new position in TELA Bio during the second quarter valued at approximately $40,000. Citadel Advisors LLC grew its stake in TELA Bio by 161.3% in the 3rd quarter. Citadel Advisors LLC now owns 35,281 shares of the company’s stock valued at $53,000 after buying an additional 21,781 shares during the last quarter. Stonepine Capital Management LLC increased its stake in shares of TELA Bio by 1.4% in the second quarter. Stonepine Capital Management LLC now owns 2,083,762 shares of the company’s stock worth $4,042,000 after purchasing an additional 28,537 shares during the period. Finally, GSA Capital Partners LLP increased its position in TELA Bio by 106.7% in the 3rd quarter. GSA Capital Partners LLP now owns 105,809 shares of the company’s stock worth $158,000 after buying an additional 54,613 shares during the period. Institutional investors and hedge funds own 94.35% of the company’s stock.

TELA Bio Company Profile

TELA Bio, Inc (NASDAQ: TELA) is a commercial‐stage medical technology company headquartered in Malvern, Pennsylvania. The company is focused on developing, manufacturing and commercializing regenerative medicine and advanced soft tissue repair solutions. By integrating proprietary biomaterials and processing technologies, TELA Bio aims to offer products that support the body’s natural healing processes in wound closure, hernia repair, reconstructive surgery and other surgical specialties.

The company’s product portfolio includes acellular dermal matrices, hemostatic agents and tissue scaffold systems.