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

TELA Bio (NASDAQ:TELA) had its price target dropped by equities researchers at Piper Sandler from $10.00 to $8.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 164.03% from the stock’s previous close.

Other research analysts have also issued reports about the company. JMP Securities lowered their price target on TELA Bio from $15.00 to $12.00 and set a “market outperform” rating on the stock in a report on Tuesday. Canaccord Genuity Group lowered their price target on TELA Bio from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday.

TELA Bio Stock Performance

TELA stock opened at $3.03 on Tuesday. The company has a debt-to-equity ratio of 2.83, a quick ratio of 3.23 and a current ratio of 4.13. The stock has a market capitalization of $74.70 million, a price-to-earnings ratio of -1.81 and a beta of 1.02. TELA Bio has a 1 year low of $2.54 and a 1 year high of $9.87. The stock’s fifty day moving average is $4.69 and its two-hundred day moving average is $5.43.

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

Insider Activity

In related news, major shareholder Orbimed Advisors Llc sold 378,000 shares of TELA Bio stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $4.74, for a total transaction of $1,791,720.00. Following the transaction, the insider now directly owns 2,457,542 shares of the company’s stock, valued at $11,648,749.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Trexquant Investment LP acquired a new position in TELA Bio during the fourth quarter worth about $109,000. Russell Investments Group Ltd. increased its stake in TELA Bio by 107.6% in the 1st quarter. Russell Investments Group Ltd. now owns 94,940 shares of the company’s stock worth $538,000 after purchasing an additional 49,204 shares in the last quarter. AIGH Capital Management LLC increased its stake in TELA Bio by 10.0% in the 4th quarter. AIGH Capital Management LLC now owns 1,377,945 shares of the company’s stock worth $9,122,000 after purchasing an additional 125,000 shares in the last quarter. Worth Venture Partners LLC increased its stake in TELA Bio by 9.9% in the 4th quarter. Worth Venture Partners LLC now owns 345,331 shares of the company’s stock worth $2,286,000 after purchasing an additional 31,111 shares in the last quarter. Finally, First Light Asset Management LLC increased its stake in TELA Bio by 3.0% in the 4th quarter. First Light Asset Management LLC now owns 2,554,641 shares of the company’s stock worth $16,912,000 after purchasing an additional 74,377 shares in the last quarter. 94.35% of the stock is owned by institutional investors and hedge funds.

About TELA Bio

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.