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

TELA Bio (NASDAQ:TELA) had its price target cut by research analysts at Canaccord Genuity Group from $12.00 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 376.19% from the stock’s current price.

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

TELA Bio Trading Down 37.2 %

Shares of TELA Bio stock opened at $1.47 on Friday. The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81. TELA Bio has a 1 year low of $1.28 and a 1 year high of $6.50. The firm has a market cap of $57.90 million, a PE ratio of -0.87 and a beta of 1.10. The company has a 50 day simple moving average of $2.56 and a two-hundred day simple moving average of $2.70.

TELA Bio (NASDAQ:TELA) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.01. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. The firm had revenue of $17.65 million for the quarter, compared to analysts’ expectations of $23.17 million. Analysts expect that TELA Bio will post -1.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TELA Bio

A number of institutional investors have recently made changes to their positions in TELA. Prudential Financial Inc. bought a new stake in TELA Bio in the fourth quarter worth $57,000. Commonwealth Equity Services LLC increased its holdings in shares of TELA Bio by 91.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock worth $86,000 after buying an additional 13,555 shares during the period. Walleye Capital LLC bought a new stake in shares of TELA Bio in the 4th quarter valued at about $91,000. Jane Street Group LLC boosted its holdings 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 during the period. Finally, Cubist Systematic Strategies LLC grew its position in TELA Bio by 95.3% during the 4th quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company’s stock worth $95,000 after acquiring an additional 15,283 shares during the last quarter. 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.