Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s Shares Tank After Reports of 3Q Loss

Medical device company, Tandem Diabetes Care, Inc. (NASDAQ:TNDM), reports losses of $29.8 million in Q3, 2016.

SAN DIEGO (AP) _ Tandem Diabetes Care Inc. (TNDM) on Tuesday reported a loss of $29.8 million in its third quarter.

The San Diego-based company said it had a loss of 97 cents per share.

The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for a loss of 59 cents per share.

The insulin pump maker posted revenue of $12.3 million in the period, also missing Street forecasts. Seven analysts surveyed by Zacks expected $23.4 million.

Tandem Diabetes shares have fallen 55 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $5.35, a drop of 47 percent in the last 12 months.

About Tandem Diabetes:

Tandem Diabetes Care, Inc., a medical device company, designs, develops, and commercializes various products for people with insulin-dependent diabetes in the United States. The company’s flagship product is the t:slim insulin delivery system that comprises t:slim pump, its disposable insulin cartridge, and an infusion set. It also provides t:flex insulin delivery system that includes t:flex pump, its 480-unit disposable insulin cartridge, and an infusion set; and t:slim G4 insulin delivery system, a touch-screen pump with an integrated CGM system. In addition, the company offers t:connect diabetes management application, a cloud-based data management application, which provides a visual way to display therapy management data from the pump and supported blood glucose meters for users, their caregivers, and their healthcare providers; t:90, an infusion set for use with its insulin pump products; and various pump accessories. Its products in development include Tandem Device Updater, a PC and Mac-compatible Web-based system that allows users to update their pump’s software; t:sport insulin delivery system; and automated insulin delivery, an artificial pancreas system with external device, or combination of devices, intended to aid a person with insulin-dependent diabetes by automatically testing and controlling their blood glucose. The company was formerly known as Phluid Inc. and changed its name to Tandem Diabetes Care, Inc. in January 2008. Tandem Diabetes Care, Inc. was founded in 2006 and is headquartered in San Diego, California.

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Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) are actively moving -58.88% thus far today on the news and have traded in the range of $1.95 – 4.40 during the session.  A number of research firms have recently weighed in on the stock, providing future price targets. The covering firms currently have a consensus one-year price target of $12.47 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  This is the average number from the individual targets provided by the firms.  Analysts are projecting earnings per share of $-0.28 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-2.16 per share according to First Call.

In looking at where the stock is trading on a technical level, the stock is trading -69.51% away from its 50-day moving average of $7.22.  Based on the most recent available data, the equity is -82.37% off of its 52-week high of $12.48 and +12.82% away from its 52-week low which is $1.95.

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Today, the stock opened at $4.40 and the last bid at the time of writing stood at $2.20.  During the session thus far, the equity dipped down to $1.95 and touched $4.40 as the high point.  Tandem Diabetes Care, Inc. (NASDAQ:TNDM) has a market cap of $67.35M and has seen an average daily volume of 1,59,797 over the past three months.

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