TELA Bio (NASDAQ:TELA) Price Target Cut to $12.00

TELA Bio (NASDAQ:TELA) had its target price dropped by analysts at JMP Securities from $15.00 to $12.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price objective indicates a potential upside of 296.04% from the stock’s current price.

A number of other equities research analysts also recently commented on the stock. Piper Sandler reiterated an “overweight” rating and set a $10.00 price target (down from $12.00) on shares of TELA Bio in a report on Friday, May 10th. Canaccord Genuity Group lowered their target price on shares of TELA Bio from $14.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday.

TELA Bio Stock Performance

Shares of NASDAQ TELA opened at $3.03 on Tuesday. The company has a market cap of $74.70 million, a PE ratio of -1.81 and a beta of 1.02. TELA Bio has a 12 month low of $2.54 and a 12 month high of $9.87. The company has a debt-to-equity ratio of 2.83, a current ratio of 4.13 and a quick ratio of 3.23. The company has a 50-day simple moving average of $4.69 and a 200-day simple moving average of $5.43.

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

Insider Activity at TELA Bio

In related news, major shareholder Orbimed Advisors Llc sold 13,700 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $4.68, for a total value of $64,116.00. Following the completion of the sale, the insider now directly owns 2,443,842 shares in the company, valued at $11,437,180.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On TELA Bio

Several institutional investors have recently bought and sold shares of TELA. Trexquant Investment LP purchased a new stake in TELA Bio during the fourth quarter worth approximately $109,000. Worth Venture Partners LLC grew its stake in TELA Bio by 9.9% during the fourth quarter. Worth Venture Partners LLC now owns 345,331 shares of the company’s stock worth $2,286,000 after buying an additional 31,111 shares during the period. AIGH Capital Management LLC grew its stake in TELA Bio by 10.0% during the fourth quarter. AIGH Capital Management LLC now owns 1,377,945 shares of the company’s stock worth $9,122,000 after buying an additional 125,000 shares during the period. First Light Asset Management LLC grew its stake in TELA Bio by 3.0% during the fourth quarter. First Light Asset Management LLC now owns 2,554,641 shares of the company’s stock worth $16,912,000 after buying an additional 74,377 shares during the period. Finally, HighMark Wealth Management LLC purchased a new stake in TELA Bio during the first quarter worth approximately $1,099,000. 94.35% of the stock is currently owned by hedge funds and other 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.