Canaccord Genuity analyst Kyle Rose maintained a Buy rating on Insulet Corp (NASDAQ: PODD) today and set a price target of $90. The company’s shares opened today at $87.27, close to its 52-week high of $89.63.
Rose wrote:
“We maintain our BUY rating on PODD following the announcement that the company has secured two new OUS distributor partnerships with Theras Group (Italy) and Nordic Infucare (Nordic countries) effective July 1, 2018. Both distributors will provide sales, marketing, and customer support in their respective regions. We are encouraged to see PODD not only executing on OUS transition milestones but securing experienced medical device distributors in OUS countries. We believe the market exit by JNJ/Animas has created a unique opportunity for pump players – basically everyone ex Medtronic – to step into existing distribution/service networks who were left looking for new products when JNJ announced it was shuttering Animas. Thus, while not underestimating the resources required to build out an OUS commercial organization, the news of these two partnerships leaves us incrementally confident in Insulet’s ability to facilitate a smooth OUS transition.”
According to TipRanks.com, Rose is a 5-star analyst with an average return of 11.2% and a 56.9% success rate. Rose covers the Healthcare sector, focusing on stocks such as Obalon Therapeutics Inc, Zimmer Biomet Holdings, and Smith & Nephew Snats.
Insulet Corp has an analyst consensus of Strong Buy, with a price target consensus of $91.45.
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Based on Insulet Corp’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $131 million and GAAP net loss of $6.86 million. In comparison, last year the company earned revenue of $102 million and had a GAAP net loss of $9.98 million.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock.
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Insulet Corp. is an innovative medical device company, which engages in the development, manufacture, and marketing of an insulin infusion system for people with insulin-dependent diabetes. It specializes in diabetes supplies, including the OmniPod System as well as other diabetes related products and supplies such as blood glucose testing supplies, traditional insulin pumps, pump supplies, and pharmaceuticals. The company was founded by John L. Brooks III and John T. Garibotto in July 2000 and is headquartered in Billerica, MA.
