Canaccord Genuity analyst William Plovanic maintained a Buy rating on Dexcom (DXCM – Research Report) yesterday and set a price target of $103.00.
William Plovanic has given his Buy rating due to a combination of factors surrounding Dexcom’s recent achievements and market positioning. The company has successfully obtained FDA clearance for its 15-day G7 continuous glucose monitor (CGM) for adults with diabetes, which is a significant milestone. This clearance is particularly noteworthy given the previous warning letter from the FDA, which had raised concerns among investors about potential delays.
Moreover, the 15-day G7 CGM offers competitive advantages such as a longer wear time compared to Abbott’s FreeStyle Libre 2 CGM and improved cost efficiency by reducing the number of devices needed per month. Additionally, the device boasts best-in-class accuracy and features like waterproofing and connectivity with Apple Watch, enhancing its appeal. These advancements, coupled with Dexcom’s strategic plans for the G7’s market launch and integration with insulin pumps, underpin Plovanic’s optimistic outlook on the stock.
Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of DXCM in relation to earlier this year.