TELA Bio (NASDAQ:TELA) Price Target Lowered to $7.00 at Canaccord Genuity Group

TELA Bio (NASDAQ:TELA) had its target price lowered by Canaccord Genuity Group from $12.00 to $7.00 in a research note released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Piper Sandler cut TELA Bio from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $5.00 to $2.00 in a report on Friday.

TELA Bio Price Performance

TELA Bio stock opened at $1.47 on Friday. The stock has a market capitalization of $57.90 million, a price-to-earnings ratio of -0.87 and a beta of 1.10. TELA Bio has a 52-week low of $1.28 and a 52-week high of $6.50. The stock’s 50 day moving average price is $2.56 and its two-hundred day moving average price is $2.70. The company has a debt-to-equity ratio of 14.22, a quick ratio of 1.81 and a current ratio of 2.62.

TELA Bio (NASDAQ:TELA) last issued its earnings results on Thursday, March 20th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.01. TELA Bio had a negative return on equity of 556.18% and a negative net margin of 60.49%. The company had revenue of $17.65 million for the quarter, compared to analysts’ expectations of $23.17 million. On average, equities analysts predict that TELA Bio will post -1.37 earnings per share for the current year.

Hedge Funds Weigh In On TELA Bio

A number of large investors have recently modified their holdings of the company. Jane Street Group LLC lifted its stake in TELA Bio by 30.5% during the 4th quarter. Jane Street Group LLC now owns 30,705 shares of the company’s stock valued at $93,000 after acquiring an additional 7,174 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in TELA Bio by 91.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock valued at $86,000 after acquiring an additional 13,555 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in TELA Bio by 95.3% during the 4th quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company’s stock valued at $95,000 after acquiring an additional 15,283 shares in the last quarter. Northern Trust Corp lifted its stake in TELA Bio by 50.6% during the 4th quarter. Northern Trust Corp now owns 47,181 shares of the company’s stock valued at $142,000 after acquiring an additional 15,856 shares in the last quarter. Finally, Prudential Financial Inc. bought a new position in TELA Bio during the 4th quarter valued at $57,000. 94.35% of the stock is currently owned by institutional investors.

TELA Bio Company Profile

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.