Leerink initiated coverage of Insulet with an Outperform rating and $184 price target. In the firm’s view, Insulet represents a high-quality growth stock that is getting disproportionately punished amid the GLP-1-driven selloff. Insulet’s best-in-class Omnipod 5 insulin pump has been driving significant market share gains since becoming available in the U.S. in early 2022, and particularly since its full market release in August 2022. And yet, Insulet shares have declined a staggering 55% year-to-date due to investor uncertainty over the impact of broader GLP-1 adoption, Leerink adds.
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