Stifel sees Tandem underperformance as ‘overreaction’ after Mobi survey

Stifel notes that Tandem Diabetes’ shares are under pressure, due to comments made by a key opinion leaders on a sell-side conference call last week suggesting a month’s long wait for Mobi. In an attempt to gauge whether this is a one-off issue vs. something more concerning, the firm engaged its monthly Mobi survey respondents and asked if physicians were experiencing similar supply issues. While Stifel cannot entirely discount the possibility of supply headwinds until Tandem Diabetes reports this Thursday, its on-the-fly survey suggests the market is likely overreacting. The firm received 18 physician responses. Of those, 15 physicians reported no issues, while three physicians answered “yes” to supply constraints. But, as described by these three respondents, the “delays” mentioned do not seem to rise to the level suggested by today’s stock price action, Stifel notes. The firm has a Buy rating on the shares with a price target of $60.