Oppenheimer analyst Steven Lichtman assigned a Buy rating to Tandem Diabetes (NASDAQ: TNDM) today and set a price target of $15. The company’s shares closed on Friday at $12.83, close to its 52-week high of $12.95.
Lichtman wrote:
“Our focus year-to-date on TNDM has been around near-term drivers in the US, including the benefits from JNJ’s exit from the insulin pump market, a building new replacement cycle and a product pipeline expected to begin contributing in 2H18. We are raising our long-term estimates to now include another new driver: an international launch, which is expected to begin in 2H18. More mature public diabetes companies have OUS revenue mix of about 30%. Our estimates build in a more conservative 20% long-term mix at this point. We believe TNDM is well positioned to ramp internationally as the distributors it has announced agreements with are former JNJ Animas distributors with solid experience. Our above-consensus ’19/’20 estimates rise on our initial international assumptions.”
According to TipRanks.com, Lichtman is ranked 0 out of 5 stars with an average return of -4.8% and a 53.2% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Integra Lifesciences, Wright Medical Group, and K2M Group Holdings.
Currently, the analyst consensus on Tandem Diabetes is Strong Buy and the average price target is $8.25, representing a -35.7% downside.
In a report issued on May 14, Piper Jaffray also upgraded the stock to Buy.
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The company has a one-year high of $12.95 and a one-year low of $2.14. Currently, Tandem Diabetes has an average volume of 2.06M.
Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of TNDM in relation to earlier this year.
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Tandem Diabetes Care, Inc. is a medical device company, which designs, develops and commercializes products for people with insulin dependent diabetes. The company was founded by Paul M. DiPerna on January 27, 2006 and is headquartered in San Diego, CA.
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