Canaccord Genuity Group Reiterates Buy Rating for Tandem Diabetes Care (NASDAQ:TNDM)

Tandem Diabetes Care (NASDAQ:TNDM)‘s stock had its “buy” rating reissued by investment analysts at Canaccord Genuity Group in a note issued to investors on Wednesday,Benzinga reports. They presently have a $63.00 price target on the medical device company’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 86.13% from the company’s previous close.

Several other research firms also recently weighed in on TNDM. Sanford C. Bernstein started coverage on shares of Tandem Diabetes Care in a research note on Wednesday, November 6th. They issued an “outperform” rating and a $42.00 target price for the company. Barclays raised their price objective on shares of Tandem Diabetes Care from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Robert W. Baird dropped their target price on Tandem Diabetes Care from $39.00 to $37.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Citigroup cut their price target on shares of Tandem Diabetes Care from $57.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Finally, 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 research report on Monday, December 2nd. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Tandem Diabetes Care has an average rating of “Moderate Buy” and an average price target of $54.25.

Tandem Diabetes Care Stock Up 1.5 %

Shares of TNDM traded up $0.51 during trading hours on Wednesday, hitting $33.85. The stock had a trading volume of 656,100 shares, compared to its average volume of 967,286. The firm has a market capitalization of $2.22 billion, a P/E ratio of -17.54 and a beta of 1.32. The firm has a 50 day simple moving average of $35.44 and a 200-day simple moving average of $36.64. Tandem Diabetes Care has a 1-year low of $25.78 and a 1-year high of $53.69. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.90 and a quick ratio of 2.32.

Institutional Investors Weigh In On Tandem Diabetes Care

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hood River Capital Management LLC purchased a new position in shares of Tandem Diabetes Care during the fourth quarter worth approximately $46,035,000. Jacobs Levy Equity Management Inc. increased its holdings in Tandem Diabetes Care by 189.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,661,013 shares of the medical device company’s stock worth $59,830,000 after purchasing an additional 1,086,337 shares during the period. Brown Advisory Inc. bought a new stake in Tandem Diabetes Care during the 4th quarter valued at $32,889,000. Park West Asset Management LLC lifted its holdings in shares of Tandem Diabetes Care by 49.5% in the 4th quarter. Park West Asset Management LLC now owns 1,600,000 shares of the medical device company’s stock worth $57,632,000 after buying an additional 530,000 shares during the period. Finally, Baillie Gifford & Co. grew its position in shares of Tandem Diabetes Care by 235.7% during the 4th quarter. Baillie Gifford & Co. now owns 746,109 shares of the medical device company’s stock worth $26,875,000 after buying an additional 523,843 shares in the last quarter.

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.