TELA Bio, Inc. (NASDAQ:TELA) Short Interest Down 29.8% in November

TELA Bio, Inc. (NASDAQ:TELA) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 335,900 shares, a decrease of 29.8% from the October 31st total of 478,700 shares. Based on an average daily trading volume, of 223,100 shares, the short-interest ratio is currently 1.5 days.

TELA Bio Trading Up 3.6 %

NASDAQ TELA traded up $0.11 during trading hours on Friday, hitting $3.14. The company’s stock had a trading volume of 74,993 shares, compared to its average volume of 193,925. The stock has a fifty day moving average of $2.75 and a 200 day moving average of $3.81. TELA Bio has a twelve month low of $2.30 and a twelve month high of $7.84. The firm has a market capitalization of $123.68 million, a P/E ratio of -1.86 and a beta of 0.97. The company has a quick ratio of 1.81, a current ratio of 2.62 and a debt-to-equity ratio of 14.22.

TELA Bio (NASDAQ:TELA) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.05). The business had revenue of $18.96 million during the quarter, compared to analyst estimates of $19.10 million. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. During the same quarter in the prior year, the company earned ($0.45) earnings per share. Equities research analysts forecast that TELA Bio will post -1.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on TELA shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $12.00 price objective on shares of TELA Bio in a research note on Friday, October 4th. JMP Securities decreased their price target on shares of TELA Bio from $15.00 to $12.00 and set a “market outperform” rating on the stock in a research note on Tuesday, August 13th. Piper Sandler decreased their price target on shares of TELA Bio from $8.00 to $5.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Finally, Lake Street Capital decreased their price target on shares of TELA Bio from $14.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th.

Insider Activity

In other TELA Bio news, CEO Antony Koblish bought 88,888 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were acquired at an average price of $2.25 per share, with a total value of $199,998.00. Following the completion of the purchase, the chief executive officer now directly owns 458,897 shares in the company, valued at $1,032,518.25. The trade was a 24.02 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Paul Talmo bought 22,222 shares of the stock in a transaction that occurred on Thursday, October 24th. The stock was acquired at an average cost of $2.25 per share, for a total transaction of $49,999.50. Following the purchase, the chief technology officer now owns 91,082 shares of the company’s stock, valued at $204,934.50. This trade represents a 32.27 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 182,220 shares of company stock valued at $409,995. Insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On TELA Bio

Hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP raised its holdings in TELA Bio by 398.8% in the third quarter. GSA Capital Partners LLP now owns 112,205 shares of the company’s stock worth $284,000 after purchasing an additional 89,712 shares during the period. Paradigm Capital Management Inc. NY raised its holdings in TELA Bio by 143.8% in the second quarter. Paradigm Capital Management Inc. NY now owns 1,256,200 shares of the company’s stock worth $5,904,000 after purchasing an additional 740,935 shares during the period. AIGH Capital Management LLC increased its position in shares of TELA Bio by 17.1% during the second 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 in the last quarter. Nantahala Capital Management LLC increased its position in shares of TELA Bio by 122.8% during the second 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 in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of TELA Bio by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,006,052 shares of the company’s stock worth $5,704,000 after acquiring an additional 7,199 shares in the last quarter. 94.35% of the stock is currently owned by institutional investors and hedge funds.

TELA Bio Company Profile

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.