Fitbit Inc (NYSE:FIT) and Medtronic (NYSE:MDT) announced a partnership to integrate health and activity tracking for patients living with diabetes and their physicians and care teams. The iPro™2 myLog mobile app will allow patients living with type 2 diabetes to see their glucose levels and physical activity data in one streamlined application. The new integration and partnership brings together Medtronic’s sophisticated medical technology with the convenience of automatic activity tracking from Fitbit, which provides meaningful insights into how exercise impacts glucose levels for more effective diabetes care management.
“We believe monitoring glucose is a critical element in the management of diabetes and therefore, glucose should be included among other vital signs. As such, it has never been more important to increase the collaboration between healthcare and technology to simplify daily diabetes management for the 29 million patients living with type 2 diabetes in the United States,” said Laura Stoltenberg, vice president and general manager of Non-Intensive Diabetes Therapies at Medtronic. “By creating a connection between physical activity and glucose levels, our iPro2 myLog mobile app solution provides new tools and insights, so that physicians can optimize therapy and patients can better understand how to manage their diabetes. By helping people with diabetes implement lasting lifestyle changes, this partnership underscores our commitment to transforming diabetes care, together, for greater freedom and better health.”
Maintaining and tracking glucose levels is critical to effectively managing diabetes. For people living with type 2 diabetes, understanding how exercise affects glucose levels is a critical element to proper glucose management and long-term health. Additionally, many patients are manually tracking and recording their physical activity, requiring them to recall and communicate that information to their physician from memory. The iPro2 myLog mobile app will allow type 2 diabetes patients to easily combine data generated by their Fitbit activity tracker and Medtronic’s iPro2 professional CGM system, eliminating the need to enter physical activity data manually, and providing a clear understanding of how exercise impacts glucose levels. MyLog will simplify the sharing of information with a patient’s healthcare team, facilitating productive discussions about care and the benefits of exercise on diabetes management.
“We believe the integration of wearable technology with professional diagnostic tools can provide a more accurate and actionable view of a patient’s physical activity,” said Adam Pellegrini, vice president of Digital Health for Fitbit. “By partnering with Medtronic, we are able to bring the power of Fitbit’s automatic activity tracking together with continuous glucose monitoring, allowing patients and providers to have a more informed conversation.” (Original Source)
Shares of Fitbit are up nearly 4% to $8.25 in pre-market trading. FIT has a 1-year high of $33.35 and a 1-year low of $7.81. The stock’s 50-day moving average is $13.80 and its 200-day moving average is $14.23.
On the ratings front, Fitbit has been the subject of a number of recent research reports. In a report released yesterday, Oppenheimer analyst Andrew Uerkwitz reiterated a Buy rating on FIT, with a price target of $12, which represents a potential upside of 50% from where the stock is currently trading. Separately, on the same day, Dougherty’s Charlie Anderson reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Uerkwitz and Charlie Anderson have a yearly average return of 5.5% and 3.2% respectively. Uerkwitz has a success rate of 50% and is ranked #616 out of 4262 analysts, while Anderson has a success rate of 48% and is ranked #1637.
Sentiment on the street is mostly neutral on FIT stock. Out of 19 analysts who cover the stock, 15 suggest a Hold rating , 2 suggest a Sell and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $10.67, which represents a potential upside of 34% from where the stock is currently trading.
Fitbit, Inc. engages in the development of wearable device which tracks data of an individual’s health. It offers products which can track a person’s activities, such as calories burned, sleep quality, steps, and distance. The data collected allows an individual to monitor their progress towards their own personal goals.