TELA Bio (NASDAQ:TELA) Downgraded to “Hold” at Zacks Investment Research

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Zacks Investment Research lowered shares of TELA Bio (NASDAQ:TELA) from a buy rating to a hold rating in a research note published on Thursday morning, Zacks.com reports.

According to Zacks, “TELA Bio Inc. is a commercial stage medical technology company. It is focused on the designing, developing and marketing of tissue reinforcement materials to address unmet needs in soft tissue reconstruction. The company offers a portfolio of advanced reinforced tissue matrices. TELA Bio Inc. is headquartered in Malvern, Pennsylvania. “

Other equities analysts have also issued research reports about the stock. Piper Sandler reaffirmed a buy rating and set a $17.00 price objective on shares of TELA Bio in a research report on Friday, January 10th. JMP Securities initiated coverage on TELA Bio in a report on Tuesday, December 3rd. They set an outperform rating and a $22.00 price target on the stock. Jefferies Financial Group initiated coverage on TELA Bio in a report on Tuesday, December 3rd. They set a buy rating and a $23.00 price target on the stock. Canaccord Genuity initiated coverage on TELA Bio in a report on Tuesday, December 3rd. They set a buy rating and a $19.00 price target on the stock. Finally, Piper Jaffray Companies initiated coverage on TELA Bio in a report on Tuesday, December 3rd. They set an overweight rating and a $17.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $19.17.

TELA traded up $0.08 during midday trading on Thursday, hitting $17.62. 31,000 shares of the company’s stock traded hands, compared to its average volume of 48,417. The company’s fifty day moving average price is $14.90. TELA Bio has a one year low of $10.78 and a one year high of $18.49.

TELA Bio (NASDAQ:TELA) last issued its quarterly earnings data on Wednesday, December 18th. The company reported ($22.58) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($22.14). The company had revenue of $3.97 million for the quarter, compared to analysts’ expectations of $4.00 million. As a group, research analysts expect that TELA Bio will post -2.27 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the business. Alyeska Investment Group L.P. acquired a new position in TELA Bio during the fourth quarter valued at approximately $2,609,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of TELA Bio in the fourth quarter worth $1,419,000. Parkman Healthcare Partners LLC acquired a new stake in shares of TELA Bio in the fourth quarter worth $324,000. Cowen AND Company LLC acquired a new stake in shares of TELA Bio in the fourth quarter worth $309,000. Finally, Geode Capital Management LLC acquired a new stake in shares of TELA Bio in the fourth quarter worth $303,000. Institutional investors own 0.54% of the company’s stock.

About TELA Bio

TELA Bio, Inc, a medical technology company, focuses on the design, development, and marketing of tissue reinforcement materials to address unmet needs in soft tissue reconstruction. It offers reinforced tissue matrix products for a variety of reconstruction procedures, including hernia repair, abdominal wall reconstruction, and plastic and reconstructive surgery.

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