Leerink Partners analyst Mike Kratky has reiterated their bullish stance on TNDM stock, giving a Buy rating yesterday.
Mike Kratky has given his Buy rating due to a combination of factors surrounding Tandem Diabetes Care’s recent developments. The company received FDA clearance for its Control-IQ+ system for Type 2 diabetes, which was anticipated to occur later, thus potentially accelerating its market entry. This approval is expected to increase the company’s presence in the Type 2 diabetes market, as a notable portion of their new pump shipments already cater to this patient group.
Furthermore, despite Tandem Diabetes Care’s recent underperformance compared to the S&P 500, the FDA approval could enhance investor sentiment and provide a short-term boost to the stock. The company’s ongoing efforts in pharmacy migration and future product launches are seen as significant growth opportunities that could bolster its commercial prospects in the medium to long term.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $40.00 price target.