Tandem Diabetes price target raised to $58 from $47 at Oppenheimer

Oppenheimer raised the firm’s price target on Tandem Diabetes to $58 from $47 and keeps an Outperform rating on the shares. Tandem’s pump business has been driven mostly by T1 diabetes; about 90% of Tandem’s installed base is T1. Looking forward, the firm believes there are a number of pieces coming together that position Tandem well to accelerate its T2 business, namely clinical trial data for T2 labeling anticipated to be filed with FDA before year-end; recent Mobi launch with its smaller footprint and ongoing progress toward Mobi Tubeless, recent CMS MEDCAC meeting which highlighted movement toward a pump NCD; Tandem making progress in payer discussions for Mobi pharmacy coverage.