Insulet price target raised to $223 from $211 at UBS

UBS analyst Danielle Antalffy raised the firm’s price target on Insulet to $223 from $211 and keeps a Neutral rating on the shares. Shares were pressured despite Insulet reporting a solid Q2 beat of 23% sales growth, and UBS says there seems to be “confusion” with the results stemming from what management is signaling as it relates to new patient adds in the back half driven by fewer competitive switches and a shift in strategy to push O5 with G7 through the specialty pharmacy, the analyst tells investors in a research note. Ultimately, UBS thinks Insulet is trying to manage expectations vs. signal any real change in underlying new patient adoption momentum and thinks it is unlikely that O5 momentum will slow meaningfully from here.