The strong growth of the continuous glucose monitoring market seen in Q2 will continue for the next several years as CGM pushes towards standard of care in Type 1 diabetes and shows healthy adoption from insulin using Type 2s, Piper Jaffray analyst JP McKim tells investors in a research note. For mass adoption, pricing will need to come down, but even at $3-$4 per day in developed markets CGM is still an $80B worldwide addressable market, the analyst says. He thinks investors "need to have exposure" to the CGM market, and DexCom (DXCM) remains his favorite way to play the space. McKim keeps an Overweight rating on the shares with a $150 price target. He points out that Abbott (ABT), Dexcom and even Medtronic (MDT) posted CGM numbers in Q2 that were much better than expected.

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Canaccord analyst William Plovanic raised the firm's price target on DexCom to $145 from $144 and keeps a Buy rating on the shares. The firm said they reported a slight;ly better than expected Q1 as the company raised the low-end and mid-point of its revenue guidance and reiterated its adjusted GM/OM/EBITDA margins for 2024.

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Pre-earnings options volume in DexCom is 11.4x normal with calls leading puts 11:2. Implied volatility suggests the market is anticipating a move near 5.8%, or $8.05, after results are released. Median move over the past eight quarters is 5.4%.