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Fly News Breaks for May 14, 2018
May 14, 2018 | 06:01 EDT
Piper Jaffray analyst JP McKim upgraded Tandem Diabetes to Overweight from Neutral after being on the road with the company's management. In a research note to investors, McKim said he believes Tandem is about to enter a "Goldilocks Period" where they have a "superior" closed loop system for several years. Additionally, the analyst sees upside to pump shipment with further room for multiple expansions and believes this is "just the beginning" of share appreciation. McKim has a $13 price target on the shares.
News For TNDM From the Last 2 Days
Jun 22, 2018 | 08:56 EDT
HIGHER: Hain Celestial (HAIN), up 6% after a report that Pilgrim's Pride (PPC) has made a preliminary offer for its chicken and turkey division... Williams Scotsman (WSC), up 20% after announcing an agreement to acquire the parent holding company of Modular Space Corporation for an enterprise value of approximately $1.1B... Tandem Diabetes (TNDM), up 20% following FDA approval of the company's t:slim X2 Insulin Pump with Basal-IQ. UP AFTER EARNINGS: CarMax (KMX), up 10%. DOWN AFTER EARNINGS: Red Hat (RHT), down 14%. ALSO LOWER: Green Brick (GRBK), down 11% after a 7.1M share secondary offering priced at $9.50 per share.
Jun 21, 2018 | 16:06 EDT
Tandem Diabetes Care announced U.S. Food and Drug Administration approval of the t:slim X2 Insulin Pump with Basal-IQ technology, a predictive low glucose suspend feature designed to help reduce the frequency and duration of low glucose events. This is the first automated insulin delivery system approved for use by children as young as 6 years old, and the first insulin pump designated as compatible with integrated continuous glucose monitoring devices. The company plans to launch its new product with Dexcom G6 continuous glucose monitoring integration, which requires no fingersticks for calibration or diabetes treatment decisions and was the first CGM device to receive the iCGM designation from the FDA earlier this year. Tandem expects the t:slim X2 Pump with Basal-IQ technology to be available in August 2018, and all in-warranty t:slim X2 users in the United States will have the option to add the new feature free of charge via remote software update. Tandem's Basal-IQ algorithm is designed to look 30 minutes into the future to predict where glucose levels are heading. The device suspends insulin delivery when low glucose is predicted, then automatically resumes insulin delivery once glucose levels begin to rise. Use of the t:slim X2 Pump with Basal-IQ technology in the pivotal clinical study demonstrated a 31 percent relative reduction in time spent below 70 mg/dL, with no rebound hyperglycemia compared to a CGM-enabled insulin pump without the feature.
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