TELA Bio, Inc. (NASDAQ:TELA) Sees Large Decline in Short Interest

TELA Bio, Inc. (NASDAQ:TELA) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totaling 302,880 shares, a decrease of 59.5% from the May 31st total of 748,090 shares. Based on an average trading volume of 114,154 shares, the days-to-cover ratio is currently 2.7 days. Currently, 0.7% of the company’s stock are sold short.

TELA Bio Stock Up 2.7%

NASDAQ:TELA traded up $0.02 during midday trading on Monday, hitting $0.76. 8,241 shares of the company were exchanged, compared to its average volume of 181,845. TELA Bio has a fifty-two week low of $0.50 and a fifty-two week high of $2.20. The company has a current ratio of 3.61, a quick ratio of 2.92 and a debt-to-equity ratio of 8.82. The company has a market capitalization of $34.03 million, a PE ratio of -0.97 and a beta of 1.33. The company has a fifty day simple moving average of $0.86 and a 200 day simple moving average of $0.88.

TELA Bio (NASDAQ:TELA) last announced its earnings results on Tuesday, May 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.07). The firm had revenue of $19.06 million during the quarter, compared to analyst estimates of $18.60 million. TELA Bio had a negative net margin of 49.30% and a negative return on equity of 1,320.81%. As a group, equities analysts anticipate that TELA Bio will post -0.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Piper Sandler decreased their target price on TELA Bio from $1.25 to $1.00 and set a “neutral” rating for the company in a report on Wednesday, March 25th. Weiss Ratings restated a “sell (e+)” rating on shares of TELA Bio in a report on Tuesday, April 21st. Citizens Jmp reduced their price target on TELA Bio from $5.00 to $3.00 and set a “market outperform” rating on the stock in a research report on Friday, March 27th. Lake Street Capital decreased their price objective on TELA Bio from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, Canaccord Genuity Group lowered their price objective on TELA Bio from $4.00 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, TELA Bio currently has a consensus rating of “Hold” and an average price target of $2.20.

Hedge Funds Weigh In On TELA Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of TELA. XTX Topco Ltd purchased a new stake in shares of TELA Bio in the fourth quarter valued at about $48,000. Citadel Advisors LLC raised its position in TELA Bio by 161.3% in the third quarter. Citadel Advisors LLC now owns 35,281 shares of the company’s stock worth $53,000 after acquiring an additional 21,781 shares in the last quarter. Susquehanna International Group LLP lifted its holdings in TELA Bio by 551.2% in the third quarter. Susquehanna International Group LLP now owns 85,763 shares of the company’s stock valued at $128,000 after acquiring an additional 72,594 shares during the period. Embree Financial Group boosted its position in shares of TELA Bio by 695.1% during the 4th quarter. Embree Financial Group now owns 111,318 shares of the company’s stock worth $131,000 after purchasing an additional 97,318 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of TELA Bio by 101.4% during the 4th quarter. Renaissance Technologies LLC now owns 128,700 shares of the company’s stock worth $152,000 after purchasing an additional 64,800 shares during the period. 94.35% of the stock is currently owned by hedge funds and other institutional investors.

About TELA Bio

TELA Bio, Inc (NASDAQ: TELA) is a commercial‐stage medical technology company headquartered in Malvern, Pennsylvania. The company is focused on developing, manufacturing and commercializing regenerative medicine and advanced soft tissue repair solutions. By integrating proprietary biomaterials and processing technologies, TELA Bio aims to offer products that support the body’s natural healing processes in wound closure, hernia repair, reconstructive surgery and other surgical specialties.

The company’s product portfolio includes acellular dermal matrices, hemostatic agents and tissue scaffold systems.