Lake Street analyst Brooks O’Neil notes that Tandem Diabetes (TNDM) shares were “slammed” yesterday in what appeared to be a reaction to news from Eli Lilly (LLY) regarding the positive impact of Trizepatide on people at risk of becoming Type 2 diabetics. Medtronic (MDT) also reported results that impressed investors and highlighted encouraging developments in its diabetes business, discussing the potential of their new partnership with Abbott (ABT) to leverage FreeStyle Libre technology to link a CGM from Abbott to insulin delivery devices from Medtronic, noted the analyst. However, the firm does not think either development will impact Tandem in the next two years at the earliest. “Fear is usually an overreaction, and we believe it is in these cases,” says the analyst, who affirms a Buy rating and $75 price target on Tandem shares.
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