TELA Bio, Inc. (NASDAQ:TELA) Short Interest Down 38.4% in September

TELA Bio, Inc. (NASDAQ:TELA) saw a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 1,700,000 shares, a drop of 38.4% from the August 31st total of 2,760,000 shares. Based on an average daily volume of 270,800 shares, the days-to-cover ratio is presently 6.3 days.

Insider Buying and Selling

In other TELA Bio news, major shareholder Orbimed Advisors Llc sold 13,700 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $4.68, for a total transaction of $64,116.00. Following the sale, the insider now directly owns 2,443,842 shares of the company’s stock, valued at $11,437,180.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 6.00% of the stock is owned by insiders.

Institutional Trading of TELA Bio

A number of hedge funds have recently added to or reduced their stakes in the business. Nantahala Capital Management LLC boosted its holdings in TELA Bio by 122.8% in the 2nd quarter. Nantahala Capital Management LLC now owns 2,445,667 shares of the company’s stock worth $11,495,000 after acquiring an additional 1,347,801 shares during the period. Paradigm Capital Management Inc. NY boosted its holdings in TELA Bio by 143.8% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 1,256,200 shares of the company’s stock worth $5,904,000 after acquiring an additional 740,935 shares during the period. AIGH Capital Management LLC boosted its holdings in TELA Bio by 17.1% in the 2nd quarter. AIGH Capital Management LLC now owns 1,656,655 shares of the company’s stock worth $7,786,000 after acquiring an additional 241,400 shares during the period. First Light Asset Management LLC boosted its holdings in TELA Bio by 7.8% in the 1st quarter. First Light Asset Management LLC now owns 2,754,028 shares of the company’s stock worth $15,615,000 after acquiring an additional 199,387 shares during the period. Finally, HighMark Wealth Management LLC purchased a new position in TELA Bio in the 1st quarter worth approximately $1,099,000. 94.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on TELA shares. JMP Securities dropped their price target on TELA Bio from $15.00 to $12.00 and set a “market outperform” rating for the company in a research report on Tuesday, August 13th. Canaccord Genuity Group reduced their price objective on shares of TELA Bio from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Lake Street Capital reduced their price target on TELA Bio from $14.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Finally, Piper Sandler dropped their price objective on shares of TELA Bio from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th.

TELA Bio Trading Up 0.4 %

Shares of NASDAQ TELA traded up $0.01 during midday trading on Friday, reaching $2.63. 48,210 shares of the stock were exchanged, compared to its average volume of 180,770. The company has a 50 day simple moving average of $3.28 and a 200 day simple moving average of $4.53. The stock has a market capitalization of $64.84 million, a P/E ratio of -1.57 and a beta of 0.99. The company has a debt-to-equity ratio of 14.22, a quick ratio of 2.52 and a current ratio of 3.41. TELA Bio has a twelve month low of $2.32 and a twelve month high of $8.05.

TELA Bio (NASDAQ:TELA) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.06). The business had revenue of $16.09 million during the quarter, compared to analyst estimates of $19.00 million. TELA Bio had a negative return on equity of 252.57% and a negative net margin of 65.04%. During the same quarter last year, the firm earned ($0.46) EPS. As a group, equities analysts expect that TELA Bio will post -1.39 earnings per share for the current year.

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.