TELA Bio (NASDAQ:TELA) Rating Lowered to Neutral at Piper Sandler

TELA Bio (NASDAQ:TELA) was downgraded by equities researchers at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued on Friday, MarketBeat.com reports. They currently have a $2.00 price target on the stock, down from their prior price target of $5.00. Piper Sandler’s price target points to a potential downside of 14.53% from the company’s previous close.

TELA Bio Stock Performance

TELA Bio stock opened at $2.34 on Friday. The company has a debt-to-equity ratio of 14.22, a quick ratio of 1.81 and a current ratio of 2.62. The company has a market capitalization of $92.17 million, a PE ratio of -1.38 and a beta of 1.10. The company has a 50 day moving average price of $2.58 and a 200-day moving average price of $2.71. TELA Bio has a fifty-two week low of $1.87 and a fifty-two week high of $6.50.

TELA Bio (NASDAQ:TELA) last posted its quarterly 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. The business had revenue of $17.65 million for the quarter, compared to the consensus estimate of $23.17 million. TELA Bio had a negative return on equity of 556.18% and a negative net margin of 60.49%. As a group, equities analysts forecast that TELA Bio will post -1.37 earnings per share for the current year.

Institutional Investors Weigh In On TELA Bio

Several hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP increased its holdings in TELA Bio by 398.8% during the third quarter. GSA Capital Partners LLP now owns 112,205 shares of the company’s stock valued at $284,000 after buying an additional 89,712 shares during the period. Landscape Capital Management L.L.C. purchased a new position in shares of TELA Bio in the 3rd quarter valued at approximately $362,000. Stonepine Capital Management LLC boosted its stake in TELA Bio by 77.4% in the 3rd quarter. Stonepine Capital Management LLC now owns 1,110,000 shares of the company’s stock worth $2,808,000 after purchasing an additional 484,355 shares in the last quarter. Commonwealth Equity Services LLC grew its position in TELA Bio by 91.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock worth $86,000 after purchasing an additional 13,555 shares during the last quarter. Finally, Royce & Associates LP acquired a new position in TELA Bio during the 4th quarter valued at approximately $3,020,000. Hedge funds and other institutional investors own 94.35% of the company’s stock.

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.