TELA Bio (NASDAQ:TELA) Downgraded by Piper Sandler to Neutral

TELA Bio (NASDAQ:TELA) was downgraded by research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued to investors on Friday, MarketBeat reports. They currently have a $2.00 price objective on the stock, down from their prior price objective of $5.00. Piper Sandler’s target price points to a potential upside of 36.05% from the stock’s current price.

TELA Bio Price Performance

Shares of NASDAQ:TELA opened at $1.47 on Friday. The firm has a market cap of $57.90 million, a PE 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 firm’s fifty day moving average is $2.56 and its 200-day moving average 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 announced its earnings results on Thursday, March 20th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.01. The firm 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%. Sell-side analysts predict that TELA Bio will post -1.37 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Silverarc Capital Management LLC boosted its stake in shares of TELA Bio by 172.5% in the 4th quarter. Silverarc Capital Management LLC now owns 3,065,649 shares of the company’s stock valued at $9,258,000 after purchasing an additional 1,940,721 shares during the last quarter. AIGH Capital Management LLC lifted its holdings in TELA Bio by 7.8% in the fourth quarter. AIGH Capital Management LLC now owns 2,662,785 shares of the company’s stock valued at $8,042,000 after buying an additional 193,412 shares during the period. Stonepine Capital Management LLC lifted its holdings in TELA Bio by 112.0% in the fourth quarter. Stonepine Capital Management LLC now owns 2,353,099 shares of the company’s stock valued at $7,106,000 after buying an additional 1,243,099 shares during the period. DAFNA Capital Management LLC bought a new stake in TELA Bio during the fourth quarter valued at $4,352,000. Finally, Royce & Associates LP acquired a new stake in TELA Bio during the 4th quarter worth about $3,020,000. 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.