Senseonics initiated with an Underperform at Jefferies

Jefferies analyst Matthew Taylor initiated coverage of Senseonics (SENS) with an Underperform rating and 50c price target. Despite developing the world’s only implantable continuous glucose monitoring system, Senseonics has struggled to gain traction, despite a commercial partnership with Ascension and broad U.S. commercial coverage, the analyst tells investors in a research note. The firm says competitive alternatives from DexCom (DXCM) and Abbott (ABT) have become more compelling, and that its survey and expert work point to “continued struggles” for Senseonics.