Tandem Diabetes Care (NASDAQ:TNDM) Trading Up 6.1% Following Insider Buying Activity

Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) were up 6.1% on Wednesday following insider buying activity. The company traded as high as $18.92 and last traded at $18.98. Approximately 283,146 shares changed hands during trading, a decline of 82% from the average daily volume of 1,558,233 shares. The stock had previously closed at $17.89.

Specifically, COO Jean-Claude Kyrillos purchased 10,538 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were bought at an average price of $18.12 per share, for a total transaction of $190,948.56. Following the purchase, the chief operating officer now directly owns 10,538 shares in the company, valued at $190,948.56. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

TNDM has been the subject of several recent analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $63.00 price objective on shares of Tandem Diabetes Care in a report on Wednesday, February 26th. Sanford C. Bernstein downgraded shares of Tandem Diabetes Care from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $35.00 to $25.00 in a report on Friday, February 28th. Robert W. Baird reduced their price target on shares of Tandem Diabetes Care from $37.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Royal Bank of Canada reduced their price objective on shares of Tandem Diabetes Care from $65.00 to $55.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley downgraded shares of Tandem Diabetes Care from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $45.00 to $22.00 in a report on Wednesday, March 5th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Tandem Diabetes Care currently has an average rating of “Moderate Buy” and an average price target of $45.38.

Tandem Diabetes Care Stock Performance

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -9.73 and a beta of 1.45. The stock’s fifty day moving average is $32.09 and its two-hundred day moving average is $34.98. The company has a quick ratio of 2.32, a current ratio of 2.90 and a debt-to-equity ratio of 1.29.

Hedge Funds Weigh In On Tandem Diabetes Care

Several institutional investors and hedge funds have recently modified their holdings of TNDM. Assetmark Inc. acquired a new position in shares of Tandem Diabetes Care in the third quarter valued at $29,000. Crossmark Global Holdings Inc. bought a new stake in shares of Tandem Diabetes Care in the third quarter valued at about $200,000. State of New Jersey Common Pension Fund D boosted its position in shares of Tandem Diabetes Care by 24.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 44,776 shares of the medical device company’s stock valued at $1,899,000 after acquiring an additional 8,837 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Tandem Diabetes Care in the third quarter valued at about $263,000. Finally, Victory Capital Management Inc. boosted its position in shares of Tandem Diabetes Care by 45.6% in the third quarter. Victory Capital Management Inc. now owns 587,247 shares of the medical device company’s stock valued at $24,905,000 after acquiring an additional 183,877 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.