Oppenheimer analyst Steven Lichtman maintained a Buy rating on Tandem Diabetes (NASDAQ: TNDM) today and set a price target of $57. The company’s shares closed yesterday at $40.65.
Lichtman observed:
“TNDM reported 3Q sales of $46.3M (+71% y/y), above its positive pre-announcement range and our/consensus $43.0M/$41.8M estimates led by strong pump shipments in US (+91% y/y), and a solid start to international sales (+$3M). The unabated strength in pump sales continues to build, driven by strong core underlying business supported by recent Basal IQ launch in August, accelerated momentum in pump renewals, as well as opportunities (both US/OUS) created by Animas exit. Gross margin improved to 47% (vs our 45.5%) on the higher volumes. FY18 guidance was raised another $7-10M to $160-165M (+49-53%). Control IQ clinical study is fully enrolled, with anticipated launch in summer 2019. t:sport (2H20E launch) remains a long-term upside driver in our view. Reiterate Outperform.”
According to TipRanks.com, Lichtman has currently no stars on a ranking scale of 0-5 stars, with an average return of -4.9% and a 48.5% 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 $51.83.
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The company has a one-year high of $52.55 and a one-year low of $2.14. Currently, Tandem Diabetes has an average volume of 3.38M.
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. 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.
