Tandem Diabetes Care (TNDM) Likely to Trade Up on Omnipod 5 Data - Piper Sandler

Piper Sandler analyst Matt O'Brien reiterated an Overweight rating and $132.00 price target on Tandem Diabetes Care (NASDAQ: TNDM) after Insulet (NASDAQ: PODD) announced new data on Omnipod 5 including its pivotal results in adults/adolescents, children, and a separate study in type 2 patients. Overall, the results look solid with PODD delivering a closed loop system with a comparable time in range to TNDM.

The analyst stated "we would not be surprised to see TNDM shares react positively given that there had been some concerns that a PODD TIR in the mid to upper 70%s would outshine Tandem’s 71% results from its CIQ pivotal data. We continue to expect robust uptake of closed loop technologies for both players, with TNDM the primary beneficiary of Medtronic (NYSE: MDT) share loss, and PODD doing well bringing new MDIers, type 2 patients, and children to the closed loop funnel. We remain N on PODD and reiterate TNDM as one of our top mid cap ideas given the valuation disconnect between the two."

For an analyst ratings summary and ratings history on Tandem Diabetes Care click here. For more ratings news on Tandem Diabetes Care click here.

Shares of Tandem Diabetes Care closed at $89.70 yesterday.

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