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

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. Piper Sandler currently has $2.00 target price on the stock, down from their previous target price of $5.00.

TELA Bio Stock Performance

Shares of NASDAQ TELA opened at $1.47 on Friday. The company has a quick ratio of 1.81, a current ratio of 2.62 and a debt-to-equity ratio of 14.22. The firm’s 50-day moving average price is $2.56 and its two-hundred day moving average price is $2.70. TELA Bio has a 52-week low of $1.28 and a 52-week high of $6.50. The stock has a market capitalization of $57.90 million, a P/E ratio of -0.87 and a beta of 1.10.

TELA Bio (NASDAQ:TELA) last issued its 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. 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. As a group, sell-side analysts forecast that TELA Bio will post -1.37 earnings per share for the current year.

Institutional Investors Weigh In On TELA Bio

A number of hedge funds have recently made changes to their positions in TELA. Prudential Financial Inc. bought a new stake in shares of TELA Bio during the fourth quarter valued at approximately $57,000. Commonwealth Equity Services LLC raised its holdings in shares of TELA Bio by 91.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock valued at $86,000 after buying an additional 13,555 shares during the last quarter. Walleye Capital LLC bought a new stake in shares of TELA Bio during the fourth quarter valued at approximately $91,000. Jane Street Group LLC raised its holdings in shares of TELA Bio by 30.5% during the fourth quarter. Jane Street Group LLC now owns 30,705 shares of the company’s stock valued at $93,000 after buying an additional 7,174 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of TELA Bio by 95.3% during the fourth quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company’s stock valued at $95,000 after buying an additional 15,283 shares during the last quarter. 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.