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Analysts’ Views on Tandem Diabetes Care after Its FDA Approval

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Nov. 20 2020, Updated 4:10 p.m. ET

Analysts’ views on Tandem’s FDA approval

After the market closed on June 21, Tandem Diabetes Care (TNDM) announced the FDA’s approval of its t:slim X2 insulin pump. Following the news, Oppenheimer analyst Steven Lichtman shared his views on Tandem, writing, “Approval timing is in line, though compatibility with Dexcom’s new G6 sensor in the initial approval is upside to expectations; TNDM had assumed a staggered approval with G5 compatibility first, potentially followed shortly thereafter by iCGM designation/G6 compatibility.” He added, “Earlier G6 approval bodes well for the initial launch later this summer.” As of June 27, Oppenheimer had a target price of $27 for TNDM stock, and an “outperform” rating.

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Analysts’ target prices for TNDM stock

Of the six analysts covering Tandem on June 27, five recommended “buy” or “strong buy,” and one recommended “hold.” Their target price of $19.64 implies a ~17% downside over the next 12 months based on TNDM’s June 26 closing price of $23.64. On June 27, analysts’ average target prices for TNDM peers Insulet (PODD), DexCom (DXCM), and Medtronic (MDT) were $99.53, $91.36, and $94.45, respectively, implying 7.2%, -4.1%, and 8.7% returns over the next 12 months.

Recent ratings and target price updates

On June 26, Oppenheimer raised its target price for Tandem from $24 to $27 after increasing it from $15 to $24 on June 18 and from $9 to $20 on May 21. On June 13, Cowen raised its target price from $9 to $20. In the next article, we’ll look at Tandem’s recent stock performance.

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