Tandem Diabetes Care (TNDM) Likely to Trade Up on Omnipod 5 Data - Piper Sandler
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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."
Shares of Tandem Diabetes Care closed at $89.70 yesterday.
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