Insulet shares rise as analysts say weight-loss drug fears may be overblown
Insulet Corp. shares (PODD) gained 4% premarket on Monday after Jefferies analysts upgraded the stock to buy from hold, saying its valuation looks attractive after the shares were dragged down by fears that the weight-loss drug craze would hurt the insulin pump maker's business. Diabetes stocks have been widely seen as risky due to the popularity of the diabetes and weight-loss treatments known as GLP-1s, yet the diabetes market remains large and underpenetrated, Jefferies analysts wrote in a note Monday. Insulet shares have been hit hard, dropping 45% in the year to date. But the company's disposable patch pump is winning market share as it provides convenience to patients and recent trends in prescription data and physician feedback suggest that Insulet can deliver strong results in the coming quarters, the analysts wrote. The analysts have a $240 price target on the shares. Insulet said Monday that it will present extended real-world evidence on its Omnipod 5 automated insulin delivery system at the European Association for the Study of Diabetes annual meeting taking place this week in Hamburg.
-Eleanor Laise
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10-02-23 0833ET
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