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DXCM

DexCom

$58.08

0.09 (0.16%)

, ABT

Abbott

$58.93

0.005 (0.01%)

11:58
01/04/18
01/04
11:58
01/04/18
11:58

Dexcom falls after Abbott receives Medicare approval for Libre

Shares of Dexcom (DXCM) are sinking after Abbott (ABT) announced that FreeStyle Libre, its new continuous glucose monitoring system, is now available to Medicare patients. ABBOTT ANNOUNCES MEDICARE COVERAGE: This morning, Abbott announced that the FreeStyle Libre System, the company's rnew continuous glucose monitoring system, is now available to Medicare patients, having met the codes for therapeutic CGM systems used for coverage by the U.S. Centers for Medicare & Medicaid Services. Coverage includes all Medicare patients with diabetes who use insulin and who meet the eligibility criteria. Abbott said that the factory-calibrated FreeStyle Libre system is the only CGM system recognized by Medicare that requires no user calibration whatsoever and also does not require the need for routine fingersticks. BUYING OPPORTUNITY: Following Abbott's announcement, Piper Jaffray analyst JP McKim said he believes Abbott's Medicare approval for Libre is "more market-expanding than share-taking" for Dexcom, and maintained an Overweight rating on Dexcom shares, seeing the pullback as a buying opportunity for longer-term investors. The analyst believes the sooner-than-expected Medicare coverage minimizes upside potential for Medicare revenue in 2018, but added that CGM adoption is expected to accelerate and he thinks "the superior product" of Dexcom will win more Medicare patients. NORTHLAND DOWNGRADES: Northland analyst Suraj Kalia downgraded Dexcom to Underperform from Market Perform after Abbott announced Medicare coverage for the Libre FGM. The analyst believes it undercuts Dexcom's competitive advantages, and contends that there is additional headline risk vis-a-vis Medtronic's (MDT) Guardian Connect CGM approval in the pipeline. Further, Kalia believes Dexcom's stock is bound to be under pressure over the next 12-18 months. The analyst added that Dexcom does have the best in class sensor and the company has an "excellent" pipeline but argued that the Libre FGM may be "good enough" for a large chunk of patients, especially as its about one-tenth the cost of Dexcom's upfront price. OTHER ANALYST COMMENTARY: Cowen analyst Doug Schenkel believes shares of Dexcom are down too much following Abbott's announcement and that a 10% sellof "appears disproportionate" on a three month timing swing on an expected event. Baird analyst Jeff Johnson said he believes today's news may not be create as much near-term risk to Dexcom numbers as investors believe. PRICE ACTION: Dexcom dropped 10.8%, or $6.29, to $51.79 at midday.

DXCM

DexCom

$58.08

0.09 (0.16%)

ABT

Abbott

$58.93

0.005 (0.01%)

MDT

Medtronic

$83.44

-0.48 (-0.57%)

  • 04

    Jan

  • 24

    Jan

  • 26

    Feb

DXCM DexCom
$58.08

0.09 (0.16%)

01/04/18
01/04/18
DOWNGRADE

Underperform
Dexcom to Underperform at Northland
As previously reported, Northland analyst Suraj Kalia downgraded Dexcom (DXCM) to Underperform from Market Perform after Abbott (ABT) announced Medicare coverage for its Libre FGM. The analyst believes it undercuts Dexcom's competitive advantages, and contends that there is additional headline risk vis-a-vis Medtronic' (MDT) Guardian Connect CGM approval in the pipeline. Further, Kalia believes Dexcom's stock is bound to be under pressure over the next 12-18 months.
01/04/18
COWN
01/04/18
NO CHANGE
COWN
Dexcom sell-off overdone, says Cowen
01/04/18
COWN
01/04/18
NO CHANGE
Target $70
COWN
Outperform
Dexcom selling off too much on Abbott news, says Cowen
Cowen analyst Doug Schenkel believes shares of Dexcom (DXCM) are down too much after Abbott (ABT) announced Medicare reimbursement for Libre. Given Libre's dosing claim, this development was expected, though it came three months earlier than expected, Schenkel tells investors in a research note. He believes a 10% selloff "appears disproportionate" on a three month timing swing on an expected event. The analyst keeps an Outperform rating on Dexcom with a $70 price target. The stock in late morning trading is down 11% to $51.86.
01/04/18
BARD
01/04/18
NO CHANGE
Target $58
BARD
Neutral
Risk to Dexcom estimates may be less than feared, says Baird
Baird analyst Jeff Johnson says his channel checks indicate Abbott's (ABT) Libre will be reimbursed by Centers for Medicare & Medicaid Services using the same codes as Dexcom's (DXCM) G5, meaning at the same monthly price of $250 per patient. The analyst has long believed superior technology, or G5 over Libre, will win out at price parity. As such, he believes today's news may not be create as much near-term risk to Dexcom numbers as investors believe. The analyst, however, keeps a Neutral rating on Dexcom shares, despite today's 11% selloff. He believes longer-term CMS and commercial payer questions remain.
ABT Abbott
$58.93

0.005 (0.01%)

01/04/18
PIPR
01/04/18
NO CHANGE
PIPR
Dexcom pullback a buying opportunity for longer-term investors, says Piper
Piper Jaffray analyst JP McKim believes Abbott's (ABT) Medicare approval for Libre is "more market-expanding than share-taking" for Dexcom (DXCM), and maintained an Overweight rating on Dexcom shares, seeing the pullback as a buying opportunity for longer-term investors. Dexcom shares are down 8.75% to $53 in late morning trading.
MDT Medtronic
$83.44

-0.48 (-0.57%)

01/02/18
BOFA
01/02/18
UPGRADE
BOFA
Buy
Medtronic upgraded to Buy from Neutral at BofA/Merrill
01/02/18
BOFA
01/02/18
UPGRADE
BOFA
Buy
Medtronic upgraded to Buy at BofA/Merrill
As previously reported, BofA/Merrill upgraded Medtronic to Buy from Neutral and increased its price target to $94 from $90. Analyst Bob Hopkins believes Medtronic is on the "verge" of delivering more consistent growth driven by its pipeline and manufacturing footprint reduction, which should drive multiple expansion.
01/03/18
EVER
01/03/18
INITIATION
Target $92.5
EVER
Outperform
Medtronic initiated with an Outperform at Evercore ISI
Evercore ISI analyst Vijay Kumar started Medtronic with an Outperform rating and $92.50 price target. The analyst has confidence in the company's revenue growth accelerating in the second half of 2018. He finds the stock "compelling" at current share levels.

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