Cowen analyst Doug Schenkel noted that Abbott (ABT) announced yesterday it had received FDA approval for the professional version of its FreeStyle Libre glucose monitoring product and filed the consumer version of Libre, while Medtronic (MDT) also announced FDA approval of its 670G Hybrid Closed Loop system. Schenkel said Abbott's consumer Libre filing comes a few months ahead of his expectations but that Medtronic's timing was in-line with expectations. The analyst said the competitor announcements, which had been expected, do not change his views on DexCom (DXCM), Insulet (PODD), or Tandem Diabetes (TNDM) and he keeps Outperform ratings on all three of those stocks.

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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%.

Leerink upgraded Tandem Diabetes to Outperform from Market Perform with a $45 price target.