Tandem Diabetes Care (TNDM) PT Raised to $58 at Oppenheimer

Oppenheimer analyst Steven Lichtman raised the price target on Tandem Diabetes Care (NASDAQ: TNDM) to $58.00 (from $47.00) while maintaining a Outperform rating.

The analyst commented: "TNDM's pump business has been driven mostly by T1 diabetes; ~90% of TNDM's installed base is T1. Looking forward, there are a number of pieces coming together that position TNDM well to accelerate its T2 business: 1) Clinical trial data for T2 labeling anticipated to be filed with FDA before year-end. 2) Recent Mobi launch with its smaller footprint and ongoing progress toward Mobi Tubeless. 3) Recent CMS MEDCAC meeting which highlighted movement toward a pump NCD; industry/clinicians have asked for an easing of longstanding coverage hurdles. 4) TNDM is making progress in payer discussions for Mobi pharmacy coverage. We raise our estimates on higher assumed T2 sales contribution beginning in '25 with conservatism still built-in. Sigi patch-pump (another T2 driver) is longer-term upside."

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