TELA Bio (NASDAQ:TELA) Lowered to “Neutral” Rating by Piper Sandler

Piper Sandler downgraded shares of TELA Bio (NASDAQ:TELA) from an overweight rating to a neutral rating in a research report report published on Friday, Marketbeat reports. They currently have $2.00 target price on the stock, down from their prior target price of $5.00.

TELA Bio Stock Performance

NASDAQ:TELA opened at $1.47 on Friday. The company has a 50-day moving average of $2.56 and a 200-day moving average of $2.70. The firm has a market cap of $57.90 million, a price-to-earnings ratio of -0.87 and a beta of 1.10. The company has a current ratio of 2.62, a quick ratio of 1.81 and a debt-to-equity ratio of 14.22. TELA Bio has a twelve month low of $1.28 and a twelve month high of $6.50.

TELA Bio (NASDAQ:TELA) last released its earnings results on Thursday, March 20th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $17.65 million for the quarter, compared to the consensus estimate of $23.17 million. Analysts forecast that TELA Bio will post -1.37 earnings per share for the current fiscal year.

Institutional Trading of TELA Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in TELA. Silverarc Capital Management LLC raised its holdings 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 worth $9,258,000 after purchasing an additional 1,940,721 shares in the last quarter. DAFNA Capital Management LLC purchased a new position in shares of TELA Bio in the fourth quarter worth approximately $4,352,000. Stonepine Capital Management LLC increased its position in shares of TELA Bio by 112.0% in the fourth quarter. Stonepine Capital Management LLC now owns 2,353,099 shares of the company’s stock worth $7,106,000 after acquiring an additional 1,243,099 shares in the last quarter. Royce & Associates LP purchased a new position in shares of TELA Bio in the fourth quarter worth approximately $3,020,000. Finally, Perkins Capital Management Inc. increased its position in shares of TELA Bio by 303.1% in the fourth quarter. Perkins Capital Management Inc. now owns 907,865 shares of the company’s stock worth $2,742,000 after acquiring an additional 682,665 shares in the last quarter. 94.35% of the stock is currently owned by institutional investors.

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.