TELA Bio (NASDAQ:TELA) Stock Price Down 3.1% – Should You Sell?

TELA Bio, Inc. (NASDAQ:TELA)’s share price was down 3.1% on Thursday . The stock traded as low as $2.48 and last traded at $2.52. Approximately 87,448 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 151,778 shares. The stock had previously closed at $2.60.

Analysts Set New Price Targets

Separately, Piper Sandler lowered their target price on shares of TELA Bio from $8.00 to $5.00 and set an “overweight” rating on the stock in a report on Friday, November 8th.

TELA Bio Price Performance

The stock has a market capitalization of $99.45 million, a price-to-earnings ratio of -1.49 and a beta of 1.00. The business’s fifty day moving average price is $2.75 and its 200-day moving average price is $2.79. The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TELA. Perkins Capital Management Inc. raised its position in shares of TELA Bio by 10.2% in the third quarter. Perkins Capital Management Inc. now owns 225,200 shares of the company’s stock valued at $570,000 after purchasing an additional 20,850 shares during the period. GSA Capital Partners LLP grew its stake in TELA Bio by 398.8% in the 3rd quarter. GSA Capital Partners LLP now owns 112,205 shares of the company’s stock worth $284,000 after buying an additional 89,712 shares in the last quarter. Landscape Capital Management L.L.C. purchased a new stake in shares of TELA Bio in the 3rd quarter valued at $362,000. Stonepine Capital Management LLC boosted its stake in shares of TELA Bio by 77.4% in the 3rd quarter. Stonepine Capital Management LLC now owns 1,110,000 shares of the company’s stock valued at $2,808,000 after purchasing an additional 484,355 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in TELA Bio by 91.1% during the 4th 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 period. 94.35% of the stock is currently owned by hedge funds and other 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.