Lake Street says Tandem pact with Abbott, coverage news both 'very positive' » 09:1407/0107/01/20
TNDM, ABT, UNH
Lake Street analyst…
Lake Street analyst Brooks O'Neil affirms his Buy rating and $125 price target on Tandem Diabetes (TNDM) shares following two positive developments. First, Tandem and Abbott (ABT) announced they have finalized an agreement to develop and commercialize integrated diabetes solutions, although his "best guess" is it will not result in a product on the market with an integrated offering for at least a year. Second, he notes indications that UnitedHealthcare (UNH) will cover Tandem's t:slim X2 insulin pumps on an in-network basis as of July 1. While neither of these agreements will affect Tandem's results in the June quarter, O'Neil calls both "very positive."
Fly Intel: Wall Street's top stories for Tuesday » 17:2906/3006/30/20
MU, WFC, RDS.A, RDS.B, LULU, UBER, EADSY, TNDM, UNH, AYI, LQDA, INO
Stocks gained to close…
Tandem Diabetes target raised to $80 after UnitedHealth coverage news at Stifel » 15:4306/3006/30/20
TNDM, MDT, UNH
Stifel analyst Mathew…
Stifel analyst Mathew Blackman raised the firm's price target on Tandem Diabetes (TNDM) to $80 from $75 following news that UnitedHealth (UNH) will now cover the company's t:slim pump for all in-network patients. While certainly a "win" for Tandem, it is not unexpected and he sees "a couple of caveats" in the new coverage decision, Blackman tells investors. Specifically, Tandem pumps will require "cumbersome" pre-authorization steps, while Medtronic's (MDT) new agreement with the insurer eliminates these "insurance verification headwinds," the analyst said. Also, Medtronic has layered in price/volume discounting if UnitedHealth maintains unspecified volumes, which suggests that Medtroic may be protecting its business better than the market reaction today might imply, said Blackman. He keeps a Hold rating on Tandem shares.
UnitedHealth to start covering Tandem insulin pump, says Oppenheimer » 13:0306/3006/30/20
TNDM, UNH, MDT
Effective July 1,…
Effective July 1, UnitedHealth (UNH) and Medtronic (MDT) will enter into a new four-year agreement whereby Medtronic will no longer be the preferred provider of insulin pumps for United members and United will start covering Tandem Diabetes' (TNDM) t:slim X2 pump on an in-network basis, Oppenheimer analyst Steven Lichtman tells investors in a research note. The news is a "nice incremental positive" for Tandem as the company has been essentially shut out of UnitedHealth for about four years, says the analyst. Lichtman believes the approval of Tandem's Control-IQ and the publication of the data were drivers of the UnitedHealth's move to add the device. He believes the news offers potential upside to estimates and keeps an Outperform rating on Tandem Diabetes. The stock in afternoon trading is up 7% to $94.33.
United Health coverage a 'clear positive' for Tandem, says Piper Sandler » 12:1106/3006/30/20
TNDM, UNH, MDT
Piper Sandler analyst…
Piper Sandler analyst Matt O'Brien reported that Medtronic's (MDT) investor relations team stated as part of an update on its insulin pump and CGM arrangement with United Health (UNH) that the insurer will be covering Tandem Diabetes' (TNDM) t:slim pump in-network going forward. The analyst, who noted that Medtronic is still the preferred vendor and that the updated arrangement has volume minimums associated with it, calls this news a "clear positive" for Tandem as he argues that easier access to its pumps will likely lead to significantly more uptake from this group of patients. O'Brien, who sees this coverage news as another revenue tailwind for Tandem in the coming years, keeps an Overweight rating on the stock.
Abbott, Tandem Diabetes to develop integrated diabetes solutions » 09:2006/2906/29/20
Abbott (ABT) and Tandem…
Abbott (ABT) and Tandem Diabetes (TNDM) announced that they have finalized an agreement to develop and commercialize integrated diabetes solutions that combine Abbott's continuous glucose monitoring, or CGM, technology with Tandem's insulin delivery systems to provide more options for people to manage their diabetes. The companies first announced their intention to work together in October 2019, and this resulting agreement covers the technical development of device integration and associated commercial support activities. The companies will partner to integrate Abbott's FreeStyle Libre continuous glucose monitoring technology with Tandem's insulin delivery products to provide options for diabetes management.
|Over a week ago|
Tandem Diabetes acquires Sugarmate mobile app, terms undisclosed » 09:0906/2406/24/20
Tandem Diabetes announced…
Tandem Diabetes announced its acquisition of Sugarmate, a mobile app for people with diabetes who use insulin. Sugarmate will become a wholly owned subsidiary of Tandem Diabetes Care, and will continue to be led by its founder, Josh Juster who has joined the company as VP, Sugarmate. Financial terms of the acquisition were not disclosed. The Sugarmate app is designed to help people with diabetes visualize diabetes therapy data. It allows users to log glucose data and health and nutrition information and can provide notifications and alerts to users, their family and their caregivers.
Tandem Diabetes price target raised to $102 from $92 at Oppenheimer » 07:3406/2206/22/20
Oppenheimer analyst Steven Lichtman raised the firm's price target on Tandem Diabetes to $102 from $92 and keeps an Outperform rating on the shares. While Control-IQ's strong market acceptance has been a driver of Tandem shares, the analyst believes the software work underway at the company is underappreciated. The expected introduction of a remote bolus feature for Tandem's t:slim is a big differentiator, allowing patients to significantly reduce time interacting with their pump, he contends. Lichtman assumes 2020-end launch. The analyst sees a "solid" runway ahead for Control-IQ with no additional hybrid closed-loop systems expected to come to the U.S. this year.
Tandem Diabetes price target raised to $95 from $88 at Raymond James » 09:3406/1806/18/20
Raymond James analyst…
Raymond James analyst Jayson Bedford raised the firm's price target on Tandem Diabetes to $95 from $88 and keeps an Outperform rating on the shares following management's positive business update at the RJ Human Health Innovation Conference. Specifically, Bedford says business trends in Q2 have tracked better than expected, both domestically and internationally, which should drive upside to the Q2 revenue guidance of "at least" $85M.
Tandem Diabetes price target raised to $125 from $100 at Lake Street » 08:4206/1806/18/20
Lake Street analyst…
Lake Street analyst Brooks O'Neil raised the firm's price target on Tandem Diabetes to $125 from $100 after the company announced FDA clearance of an expanded pediatric indication for the t:slim X2 insulin pump with Control-IQ technology and after its CEO and CFO conducted a fireside chat at a virtual healthcare conference. Tandem's CFO said they now expect sales to exceed both the domestic and international guidance provided for the quarter, though no specific information about expected results was provided beyond noting that greater demand has been seen then they anticipated when they provided Q2 revenue guidance of "at least $85M." O'Neil, who believes the "overwhelming innovations" Tandem has brought and will continue to bring to improve the management of diabetes stand out, keeps a Buy rating on the shares.