Tela Bio price target lowered to $5 from $8 at Piper Sandler

Piper Sandler analyst Matt O’Brien lowered the firm’s price target on Tela Bio (TELA) to $5 from $8 and keeps an Overweight rating on the shares following Q3 results. The firm said gross margins were “a little weak” but tight cost controls led to an EBIT loss coming in better than the firm had modeled. Piper told investors in a research note that the stock has been very volatile in recent years but the product is a game-changer and should yield meaningful value creation going forward.