Tandem Diabetes Care (NASDAQ:TNDM) Earns “Buy” Rating from Canaccord Genuity Group

Tandem Diabetes Care (NASDAQ:TNDM)‘s stock had its “buy” rating reiterated by research analysts at Canaccord Genuity Group in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $63.00 price target on the medical device company’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 189.66% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Sanford C. Bernstein started coverage on Tandem Diabetes Care in a report on Wednesday, November 6th. They issued an “outperform” rating and a $42.00 price objective for the company. Robert W. Baird dropped their price target on Tandem Diabetes Care from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Barclays boosted their price objective on shares of Tandem Diabetes Care from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Citigroup dropped their target price on shares of Tandem Diabetes Care from $57.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Finally, Morgan Stanley raised shares of Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research note on Monday, December 2nd. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Tandem Diabetes Care currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

Tandem Diabetes Care Stock Performance

Tandem Diabetes Care stock opened at $21.75 on Wednesday. The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 1.29. The firm has a market cap of $1.43 billion, a P/E ratio of -11.27 and a beta of 1.32. Tandem Diabetes Care has a 1-year low of $21.43 and a 1-year high of $53.69. The firm has a 50-day moving average of $35.45 and a 200-day moving average of $36.62.

Hedge Funds Weigh In On Tandem Diabetes Care

Several large investors have recently added to or reduced their stakes in TNDM. Vanguard Group Inc. raised its holdings in Tandem Diabetes Care by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 7,440,005 shares of the medical device company’s stock valued at $267,989,000 after acquiring an additional 77,451 shares during the period. ArrowMark Colorado Holdings LLC grew its position in shares of Tandem Diabetes Care by 14.1% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,723,715 shares of the medical device company’s stock worth $98,108,000 after purchasing an additional 337,026 shares in the last quarter. State Street Corp raised its stake in Tandem Diabetes Care by 3.2% during the 3rd quarter. State Street Corp now owns 2,655,736 shares of the medical device company’s stock valued at $112,630,000 after purchasing an additional 83,172 shares during the period. GW&K Investment Management LLC lifted its holdings in Tandem Diabetes Care by 18.0% in the 4th quarter. GW&K Investment Management LLC now owns 2,123,488 shares of the medical device company’s stock worth $76,488,000 after purchasing an additional 323,674 shares in the last quarter. Finally, Bellevue Group AG boosted its stake in Tandem Diabetes Care by 19.9% in the 3rd quarter. Bellevue Group AG now owns 1,850,891 shares of the medical device company’s stock worth $78,496,000 after purchasing an additional 307,624 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.