Continuous glucose monitoring (CGM) systems manufacturer DexCom, Inc. (NASDAQ: DXCM) recently revealed that it will be launching its CGM system, Dexcom ONE, in the United Kingdom next month. The launch is aimed at making the process of monitoring diabetes easy and accessible for patients. Dexcom ONE is currently in review to be added to drug tariffs across the country.
Following the news, shares of the company jumped almost 4% to close at $531.57 on Friday.
Strategic Impact
With more than 4.9 million people suffering from diabetes in the UK, the impending launch of Dexcom ONE comes at an opportune moment. It is a wearable sensor and transmitter that continuously monitors glucose levels and sends real-time values wirelessly to a compatible smart device with the help of the Dexcom ONE mobile app, eliminating the need for painful fingerpricks.
The user-friendly app has a range of customizable alerts to help users avoid potentially dangerous high or low glucose events.
Management Commentary
The Vice-President of Dexcom in UK & Ireland, Benelux, France and Spain, Karen Baxter, said, “The diabetes community represents a dynamic and inspiring group of individuals. It’s always been our priority to provide them with innovative and impactful technology. The upcoming launch of Dexcom ONE represents a significant step forward in diabetes management and inclusion on the drug tariff would ensure that more people benefit from this life changing technology.”
Stock Rating
On March 14, Piper Sandler analyst Matthew O’Brien reiterated a Buy rating on the stock with a price target of $725, which implies upside potential of 36.4% from current levels.
Consensus among analysts is a Strong Buy based on 12 Buys and one Hold. DXCM’s average price target of $563.46 implies upside potential of 6% from current levels. Shares have gained 44.4% over the past year.
Negative Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on DXCM, as 2.9% of portfolios tracked by TipRanks decreased their exposure to DXCM stock over the past 30 days.
Download the TipRanks mobile app now
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Read full Disclaimer & Disclosure
Related News:
Intel Agrees to Acquire Granulate Cloud Solutions
Nokia Takes Romania to Task Over 5G Ban
Duck Creek Technologies Tank 12.3% on Dim Outlook
