Tandem Diabetes Care (NASDAQ:TNDM) Now Covered by Royal Bank of Canada

Equities research analysts at Royal Bank of Canada assumed coverage on shares of Tandem Diabetes Care (NASDAQ:TNDM) in a report released on Wednesday, Marketbeat reports. The firm set an “outperform” rating and a $65.00 price target on the medical device company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 58.27% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company lifted their target price on Tandem Diabetes Care from $50.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Canaccord Genuity Group initiated coverage on shares of Tandem Diabetes Care in a research report on Thursday, August 8th. They issued a “buy” rating and a $57.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 target price (up previously from $50.00) on shares of Tandem Diabetes Care in a research note on Friday, August 2nd. Oppenheimer lifted their price target on shares of Tandem Diabetes Care from $47.00 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, June 10th. Finally, Canaccord Genuity Group assumed coverage on shares of Tandem Diabetes Care in a research report on Thursday, August 8th. They issued a “buy” rating and a $57.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tandem Diabetes Care presently has an average rating of “Moderate Buy” and a consensus price target of $55.07.

Tandem Diabetes Care Stock Performance

NASDAQ TNDM opened at $41.07 on Wednesday. The company’s fifty day moving average is $42.10 and its two-hundred day moving average is $41.46. The company has a debt-to-equity ratio of 1.31, a current ratio of 3.05 and a quick ratio of 2.38. Tandem Diabetes Care has a 52-week low of $13.82 and a 52-week high of $53.69. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of -18.93 and a beta of 1.32.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its quarterly earnings results on Thursday, August 1st. The medical device company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.07. Tandem Diabetes Care had a negative net margin of 17.15% and a negative return on equity of 41.54%. The firm had revenue of $221.90 million during the quarter, compared to analysts’ expectations of $205.63 million. During the same quarter last year, the company earned ($0.30) earnings per share. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. Equities research analysts forecast that Tandem Diabetes Care will post -1.76 EPS for the current year.

Hedge Funds Weigh In On Tandem Diabetes Care

A number of hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in shares of Tandem Diabetes Care by 11.2% during the second quarter. GAMMA Investing LLC now owns 4,276 shares of the medical device company’s stock worth $172,000 after purchasing an additional 431 shares during the period. MN Wealth Advisors LLC boosted its holdings in Tandem Diabetes Care by 3.1% during the 2nd quarter. MN Wealth Advisors LLC now owns 14,723 shares of the medical device company’s stock worth $593,000 after acquiring an additional 440 shares during the last quarter. MCF Advisors LLC grew its position in Tandem Diabetes Care by 79.3% in the 1st quarter. MCF Advisors LLC now owns 1,006 shares of the medical device company’s stock worth $36,000 after purchasing an additional 445 shares in the last quarter. Signaturefd LLC lifted its holdings in Tandem Diabetes Care by 29.2% during the second quarter. Signaturefd LLC now owns 2,307 shares of the medical device company’s stock worth $93,000 after acquiring an additional 522 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Tandem Diabetes Care by 4.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,960 shares of the medical device company’s stock valued at $603,000 after purchasing an additional 592 shares during the period.

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.