Tandem Diabetes downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Tandem Diabetes (TNDM) to Equal Weight from Overweight with a price target of $22, down from $45. The firm was “surprised” by Tandem’s “underwhelming” guidance calling for only mid-single digit growth on the topline and in U.S. new patient shipments with seemingly very little, if any, contribution from Type 2 label expansion and pharmacy access, the analyst tells investors. It is “difficult for us to interpret the caution here as much else besides competition pressuring the outlook,” the analyst added.