Tandem Diabetes Care (NASDAQ:TNDM) Shares Down 5.5% Following Analyst Downgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s share price was down 5.5% during mid-day trading on Monday after The Goldman Sachs Group lowered their price target on the stock from $42.00 to $24.00. The Goldman Sachs Group currently has a neutral rating on the stock. Tandem Diabetes Care traded as low as $20.91 and last traded at $20.93. Approximately 613,930 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 1,347,559 shares. The stock had previously closed at $22.14.

Other equities research analysts have also issued reports about the company. Citigroup cut their price objective on Tandem Diabetes Care from $57.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Robert W. Baird reduced their price objective on shares of Tandem Diabetes Care from $37.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Royal Bank of Canada decreased 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. Barclays cut their target price on shares of Tandem Diabetes Care from $60.00 to $53.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $22.00 price target (down from $38.00) on shares of Tandem Diabetes Care in a research note on Monday. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.44.

Hedge Funds Weigh In On Tandem Diabetes Care

Several large investors have recently modified their holdings of the stock. Brooklyn Investment Group purchased a new stake in Tandem Diabetes Care during the 3rd quarter valued at about $28,000. Assetmark Inc. bought a new position in shares of Tandem Diabetes Care in the third quarter worth approximately $29,000. AlphaQuest LLC increased its position in shares of Tandem Diabetes Care by 138.7% during the fourth quarter. AlphaQuest LLC now owns 931 shares of the medical device company’s stock valued at $34,000 after acquiring an additional 541 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Tandem Diabetes Care by 195.8% during the fourth quarter. Jones Financial Companies Lllp now owns 1,130 shares of the medical device company’s stock valued at $41,000 after acquiring an additional 748 shares in the last quarter. Finally, McIlrath & Eck LLC purchased a new position in Tandem Diabetes Care in the 3rd quarter worth approximately $52,000.

Tandem Diabetes Care Price Performance

The firm has a 50-day moving average of $34.95 and a 200-day moving average of $36.32. The company has a debt-to-equity ratio of 1.29, a quick ratio of 2.32 and a current ratio of 2.90. The firm has a market capitalization of $1.38 billion, a P/E ratio of -10.77 and a beta of 1.32.

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.