Canaccord Genuity analyst Kyle Rose reiterated a Buy rating on Dexcom (NASDAQ: DXCM) yesterday and set a price target of $85. The company’s shares opened today at $78.
Rose said:
“We continue to maintain a positive bias on Dexcom despite the recent share momentum and early success by competitive entrants in the CGM market. Investor sentiment has meaningfully improved in the last several months on the expectation that momentum from the Q4/17 is likely to continue into the Q1/18 (albeit inclusive of the typical Q1 seasonality) and that Dexcom can continue to grow in an increasingly competitive CGM market. Further, we think the earlier-than-expected approval of Dexcom’s G6 system – which we break down in this note – will support continued momentum in the T1 market.”
According to TipRanks.com, Rose is a 5-star analyst with an average return of 11.2% and a 57.1% success rate. Rose covers the Healthcare sector, focusing on stocks such as Obalon Therapeutics Inc, Zimmer Biomet Holdings, and Smith & Nephew Snats.
Currently, the analyst consensus on Dexcom is Moderate Buy and the average price target is $75.38, representing a -3.4% downside.
In a report released today, Oppenheimer also assigned a Buy rating to the stock with a $85 price target.
See today’s analyst top recommended stocks >>
Based on Dexcom’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $184 million and GAAP net loss of $24.2 million. In comparison, last year the company earned revenue of $142 million and had a GAAP net loss of $41.7 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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. The company was founded by John F.
