Tandem Diabetes Care (NASDAQ:TNDM) Trading Up 6.1% Following Insider Buying Activity

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) rose 6.1% during mid-day trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $18.92 and last traded at $18.98. 283,146 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 1,558,233 shares. The stock had previously closed at $17.89.

Specifically, COO Jean-Claude Kyrillos acquired 10,538 shares of Tandem Diabetes Care stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $18.12 per share, with a total value of $190,948.56. Following the purchase, the chief operating officer now directly owns 10,538 shares of the company’s stock, valued at approximately $190,948.56. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

TNDM has been the topic of several research analyst reports. The Goldman Sachs Group reduced their price objective on Tandem Diabetes Care from $42.00 to $24.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Morgan Stanley lowered Tandem Diabetes Care from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $45.00 to $22.00 in a research note on Wednesday, March 5th. Sanford C. Bernstein lowered Tandem Diabetes Care from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $35.00 to $25.00 in a research note on Friday, February 28th. Royal Bank of Canada reduced their price objective on Tandem Diabetes Care from $65.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Finally, Citigroup lowered Tandem Diabetes Care from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $35.00 to $24.00 in a research note on Tuesday, March 4th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.38.

Tandem Diabetes Care Stock Performance

The firm has a market capitalization of $1.26 billion, a PE ratio of -9.93 and a beta of 1.45. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.90 and a quick ratio of 2.32. The firm has a fifty day moving average price of $32.43 and a 200 day moving average price of $35.10.

Institutional Investors Weigh In On Tandem Diabetes Care

Several hedge funds have recently modified their holdings of TNDM. Assetmark Inc. acquired a new position in Tandem Diabetes Care during the third quarter valued at $29,000. Crossmark Global Holdings Inc. acquired a new position in Tandem Diabetes Care during the third quarter valued at $200,000. State of New Jersey Common Pension Fund D raised its position in Tandem Diabetes Care by 24.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 44,776 shares of the medical device company’s stock valued at $1,899,000 after buying an additional 8,837 shares during the period. Los Angeles Capital Management LLC acquired a new position in Tandem Diabetes Care during the third quarter valued at $263,000. Finally, Victory Capital Management Inc. raised its position in Tandem Diabetes Care by 45.6% during the third quarter. Victory Capital Management Inc. now owns 587,247 shares of the medical device company’s stock valued at $24,905,000 after buying an additional 183,877 shares during the period.

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.