DexCom, Inc. (NASDAQ:DXCM) shares shot up nearly 5% this afternoon, after Apple CEO Tim Cook revealed that the Apple Watch will be equipped to communicate directly with DXCM’s CGM device using Bluetooth. To date, the DXCM transmitter had to communicate with the Watch using an app on the iPhone, while now DXCM’s transmitter can communicate directly to the Apple Watch without the need for a phone as an intermediary.
On the ratings front, Dexcom has been the subject of a number of recent research reports. In a report released today, Oppenheimer analyst Steven Lichtman reiterated a Buy rating on DXCM. On May 25, BMO’s Joanne Wuensch reiterated a Buy rating on the stock and has a price target of $105.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Steven Lichtman and Joanne Wuensch have a yearly average loss of 4.8% and a return of 10.6% respectively. Lichtman has a success rate of 55% and is ranked #4351 out of 4579 analysts, while Wuensch has a success rate of 75% and is ranked #214.
Overall, one research analyst has assigned a Hold rating and 9 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $90.80 which is 27.5% above where the stock opened today.
DexCom, Inc. is a medical device manufacturing company, which engages in the design, development, and commercialization of continuous glucose monitoring systems for ambulatory use by people with diabetes. Its products include Dexcom G4 PLATINUM System, Dexcom studio and Mobile apps.