Oppenheimer analyst Steven Lichtman maintained a Buy rating on Tandem Diabetes (NASDAQ: TNDM) today and set a price target of $27. The company’s shares closed yesterday at $23.54, close to its 52-week high of $25.50.
Lichtman noted:
“We recently spent time on the road with TNDM. Management confidently talked about the many opportunities ahead led by the pipeline (Basal-IQ which begins rolling out in August and Control-IQ expected by mid-2019). TNDM highlighted that the new platforms not only provide a new tailwind to the core business but should be incremental drivers for two other still new opportunities: converting former Animas patients as JNJ exits the market and capture of TNDM’s increasing pump renewals. We’re bumping up our FY19 and FY20 estimates on higher assumed new patient adds, led by increased Animas patient conversion assumptions. And we continue to see our international estimates (launch begins 2H18) as conservative.”
According to TipRanks.com, Lichtman is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -2.2% and a 53.2% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Motus Gi Holdings Inc, Integra Lifesciences, and Wright Medical Group.
Currently, the analyst consensus on Tandem Diabetes is a Strong Buy with an average price target of $19.67, implying a -16.4% downside from current levels. In a report issued on June 22, Piper Jaffray also maintained a Buy rating on the stock with a $25 price target.
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The company has a one-year high of $25.50 and a one-year low of $2.14. Currently, Tandem Diabetes has an average volume of 2.61M.
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Tandem Diabetes Care, Inc. engages in the design, development, and commercialization of products for people with insulin-dependent diabetes. Its flagship product, t:slim X2 Insulin Delivery System, operates as a small insulin pump. The company was founded by Paul M. DiPerna on January 27, 2006 and is headquartered in San Diego, CA.
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