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Tandem Diabetes (TNDM) Received its Third Buy in a Row


After Lake Street and Craig-Hallum gave Tandem Diabetes (NASDAQ: TNDM) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Steven Lichtman maintained a Buy rating on Tandem Diabetes today and set a price target of $57. The company’s shares closed yesterday at $39.09.

Lichtman observed:

“TNDM’s strong revenue performance in 2018 has been led by core market share gains, an acceleration in Animas conversions following JNJ’s decision to exit the market, an accelerating insulin pump market and recent launch of Basal-IQ. These tailwinds remain, plus TNDM now has an expansion OUS that is just beginning. In this note, we look at another new tailwind, a renewal cycle. TNDM is now beginning to hit a meaningful part of its potential renewal opportunity and we look for renewals to be accretive to ‘19 and ’20 revenue growth, contributing ~5% of our >25% U.S. growth estimate over the next 2 years (we forecast >30% ww). Pipeline ramp and OUS remain potential upside drivers as does the potential for coverage reinstatement by UnitedHealth.”

According to TipRanks.com, Lichtman is ranked 0 out of 5 stars with an average return of -5.3% and a 48.7% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Zimmer Biomet Holdings, and Motus Gi Holdings Inc.

Tandem Diabetes has an analyst consensus of Moderate Buy, with a price target consensus of $51.14, implying a 30.8% upside from current levels. In a report issued on November 2, Craig-Hallum also reiterated a Buy rating on the stock with a $59 price target.

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Based on Tandem Diabetes’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $34.25 million. In comparison, last year the company had a GAAP net loss of $16.04 million.

Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is negative on the stock.

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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.