Piper Sandler Cuts TELA Bio (NASDAQ:TELA) Price Target to $8.00

TELA Bio (NASDAQ:TELA) had its price target decreased by Piper Sandler from $10.00 to $8.00 in a report released on Tuesday, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other research analysts also recently issued reports on TELA. Canaccord Genuity Group dropped their price objective on TELA Bio from $14.00 to $12.00 and set a buy rating on the stock in a research note on Tuesday. JMP Securities dropped their price target on TELA Bio from $15.00 to $12.00 and set a market outperform rating on the stock in a research note on Tuesday.

TELA Bio Stock Performance

Shares of TELA stock opened at $3.07 on Tuesday. The stock has a market capitalization of $75.69 million, a PE ratio of -1.84 and a beta of 1.02. The business’s 50 day simple moving average is $4.64 and its 200 day simple moving average is $5.41. The company has a debt-to-equity ratio of 2.83, a current ratio of 4.13 and a quick ratio of 3.23. TELA Bio has a one year low of $2.54 and a one year high of $9.87.

TELA Bio (NASDAQ:TELA) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.06). TELA Bio had a negative net margin of 63.82% and a negative return on equity of 155.26%. The firm had revenue of $16.09 million during the quarter, compared to the consensus estimate of $19.00 million. During the same period in the prior year, the company posted ($0.46) earnings per share. As a group, research analysts forecast that TELA Bio will post -1.49 earnings per share for the current year.

Insider Activity

In other TELA Bio news, major shareholder Orbimed Advisors Llc sold 378,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 2,457,542 shares of the company’s stock, valued at approximately $11,648,749.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of TELA Bio

Large investors have recently added to or reduced their stakes in the stock. Paradigm Capital Management Inc. NY raised its position in TELA Bio by 143.8% in the second quarter. Paradigm Capital Management Inc. NY now owns 1,256,200 shares of the company’s stock worth $5,904,000 after acquiring an additional 740,935 shares during the period. AIGH Capital Management LLC raised its position in shares of TELA Bio by 17.1% in the second quarter. AIGH Capital Management LLC now owns 1,656,655 shares of the company’s stock valued at $7,786,000 after purchasing an additional 241,400 shares during the period. First Light Asset Management LLC raised its position in shares of TELA Bio by 7.8% in the first quarter. First Light Asset Management LLC now owns 2,754,028 shares of the company’s stock valued at $15,615,000 after purchasing an additional 199,387 shares during the period. HighMark Wealth Management LLC bought a new stake in shares of TELA Bio in the first quarter valued at approximately $1,099,000. Finally, Pentwater Capital Management LP raised its position in shares of TELA Bio by 29.6% in the second quarter. Pentwater Capital Management LP now owns 400,000 shares of the company’s stock valued at $1,880,000 after purchasing an additional 91,358 shares during the period. Hedge funds and other institutional investors 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.