Tandem Diabetes Care (NASDAQ:TNDM) Hits New 1-Year Low – Here’s What Happened

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s stock price reached a new 52-week low on Wednesday . The stock traded as low as $18.77 and last traded at $19.49, with a volume of 4355419 shares. The stock had previously closed at $20.78.

Wall Street Analysts Forecast Growth

TNDM has been the topic of several research reports. Morgan Stanley upgraded Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Monday, December 2nd. The Goldman Sachs Group reduced their target price on Tandem Diabetes Care from $42.00 to $24.00 and set a “neutral” rating on the stock in a report on Monday. Canaccord Genuity Group reiterated a “buy” rating and issued a $63.00 target price on shares of Tandem Diabetes Care in a report on Wednesday, February 26th. Citigroup cut Tandem Diabetes Care from a “buy” rating to a “neutral” rating and reduced their target price for the company from $35.00 to $24.00 in a report on Tuesday. Finally, Royal Bank of Canada reduced their target price on Tandem Diabetes Care from $65.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.81.

Tandem Diabetes Care Price Performance

The firm has a market capitalization of $1.30 billion, a PE ratio of -10.10 and a beta of 1.32. The business has a 50-day moving average of $34.28 and a 200 day moving average of $35.98. The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 1.29.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. 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. JPMorgan Chase & Co. boosted its stake in Tandem Diabetes Care by 134.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 197,583 shares of the medical device company’s stock worth $8,379,000 after purchasing an additional 113,355 shares during the period. MetLife Investment Management LLC boosted its stake in Tandem Diabetes Care by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 37,422 shares of the medical device company’s stock worth $1,587,000 after purchasing an additional 21,086 shares during the period. Oppenheimer & Co. Inc. boosted its stake in Tandem Diabetes Care by 368.5% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 26,125 shares of the medical device company’s stock worth $1,108,000 after purchasing an additional 20,549 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Tandem Diabetes Care by 32.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 272,097 shares of the medical device company’s stock worth $11,540,000 after purchasing an additional 66,687 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.