The Center for Medicare & Medicaid Services' announcement late last night that Dexcom's G5 continuous glucose monitoring system will now be covered and reimbursed is a "major win" for the company, JPMorgan analyst Michael Weinstein tells investors in a research note. The news comes just three weeks after the FDA's upgrade of Dexcom's label and is 12- 18 months ahead of Street expectations, the analyst adds. He believes Dexcom now has a "significant competitive advantage." Weinstein keeps an Overweight rating on the shares.
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%.