Tandem Diabetes price target lowered to $45 from $47 at Jefferies

Jefferies lowered the firm’s price target on Tandem Diabetes to $45 from $47 and keeps a Buy rating on the shares. The firm’s survey work and doctor calls suggest some impact on insulin use down the road from GLP1s, given low type 2 diabetes penetration, demographic tailwinds, and potential frictions around GLP-1 use. However, Jefferies sees the potential for a “modest drag” or no drag on the insulin pump opportunity and views the opportunity for continuous glucose monitors as “unimpaired or helped” by GLP-1s. To account for the potential for incremental reductions of patients progressing to insulin/intensive insulin use longer term, Jefferies ticked down out year estimates for Tandem Diabetes.