Leerink analyst Mike Kratky initiated coverage of Tandem Diabetes with a Market Perform rating and $21 price target. Competitive pressures and the uncertain impact of GLP-1 adoption on Tandem’s addressable market have weighed on sentiment, though Leerink thinks Tandem can meet or exceed U.S. installed base growth assuming continued share loss, the analyst tells investors in a research note. Tandem’s absence from the pharmacy will continue to be a headwind, while GLP-1 adoption should have a limited impact on the intermediate-term growth algorithm.
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