Wells Fargo downgrades Tandem Diabetes on market share loss

Wells Fargo analyst Larry Biegelsen downgraded Tandem Diabetes (TNDM) to Equal Weight from Overweight with a price target of $22, down from $38. The firm sees limited upside to the company’s 2025 outlook from increasing competition and a slower than expected type 2 diabetes ramp. Wells’ February survey shows ongoing Tandem share loss in 2025 and 2026, the analyst tells investors in a research note. Tandem appears to have lost the most share in Q4, down to 20% from 26% in the prior quarter, while Insulet’s (PODD) share increased to 61% from 57% in the prior quarter, the analyst tells investors in a research note. Wells says share loss plus the slower than expected type 2 diabetes ramp are its main concerns for Tandem Diabetes.