The market for combating diabetes with portable insulin pumps and continuous glucose monitors is a growing industry in medical devices these days. On the cutting edge of technology, there are products that combine these functions into a closed-loop system that automatically varies its insulin flow as it detects that users are changing blood sugar.
Saturday, a long-awaited study of
(ticker: PODD) showed that the company has a solution that should compete well with the closed-loop products already sold by
Diabetes in tandem
(MDT). Investors responded on Monday by bidding on already expensive Insulets shares, which rose 3.2% to close at $ 269.32 on a day the
Nasdaq Composite Index
The Insulets hybrid solution linked its Omnipod 5 insulin pump to the continuous glucose monitoring sensor of
(DXCM). One challenge for patients who manage their diabetes is to maintain glucose levels in the right range throughout a day of eating, exercising, and sleeping. In the study of 240 patients, Omnipod 5 kept blood sugar within the desired range for 74% of the day. The pivotal trial did not directly compare the Insulet product to automated insulin delivery systems from Tandem or Medtronic, but previous studies of these products have reported duration results between 70% and 80%.
The United States Food and Drug Administration has expedited its review of Insulets. The administration is expected to approve by June and the product launch will accelerate in the second half of the year. While Tandem and Medtronic already have hybrid systems on the market, analysts like JP Morgans Robbie Marcus believe the Insulet offering will be the winner because the company’s pump is the only one on the market in a compact, sealed casing without tubes. streamers. It can be sold in pharmacies. Marcus puts Insulet overweight, with a price target of $ 295.
Raymond James analyst Jayson Bedford also rates the action as a buy, noting that less than 35% of Americans with type 1 diabetes use a pump and less than 10% of Europeans. There is enough buying on Insulet stocks to make this rating the consensus among FactSet respondents. But don’t get me wrong, the stock doesn’t come cheap. At $ 269, it boasts a market cap of $ 17 billion and trades at 13 times the $ 1.3 billion in sales Wall Street expects for 2022 and more than 150 times the years forecast a profit of 1 , $ 72 per share.
As we said, devices for diabetes are hot: glucose sensor supplier DexCom is also trading over 100 times next year’s earnings, with its stock at $ 360.
The insulin share price surge sent Guggenheim Securities Chris Pasquale back to a neutral level in 2019, when the stock surpassed $ 150. In a note on Saturday, he acknowledged that the Omnipod 5 study showed very competitive performance compared to Tandem and Medtronic. But he said expectations for Insulet appear high given the small differences in efficiency between the systems. With Insulet stock above $ 250 this year, half a dozen analysts have joined it with Hold ratings.
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