Larry Biegelsen, an analyst from Wells Fargo, maintained the Buy rating on Tandem Diabetes Care (TNDM – Research Report). The associated price target is $55.00.
Larry Biegelsen has given his Buy rating due to a combination of factors surrounding Tandem Diabetes Care’s recent developments. The company recently received U.S. FDA approval for its Type 2 algorithm, Control IQ+, which is set to launch in March. This approval positions Tandem as a significant player in the insulin-intensive Type 2 diabetes market, which currently has a low penetration rate for insulin pumps, suggesting substantial growth potential.
Furthermore, Tandem already has a base of approximately 30,000 Type 2 patients using its t:slim pump off-label, indicating a ready market for its newly approved product. The anticipated launch and potential expansion of its salesforce to support this new product could drive increased market share and revenue growth. Additionally, the upcoming earnings call and industry symposium are expected to provide further insights into the company’s strategy and clinical data, reinforcing the positive outlook for Tandem’s stock.
In another report released yesterday, Canaccord Genuity also reiterated a Buy rating on the stock with a $63.00 price target.