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Piper suggests the recent dip in diabetes device stocks is overblown, creating a buying opportunity for investors willing to wait out the "GLP-1 narratives." “Given where the names currently sit from a valuation perspective, we see type 2 diabetes as a complete call option on all diabetes names,” Piper said in its note. Piper Sandler said in the case of devices for type 2 diabetes, “we continue to believe that the size of the market is underappreciated and the vast number of patients, combined with the low penetration, will help offset this to some degree.” For type 1 diabetes, Piper said it remained “confident” that the market won’t be impacted by GLP-1 as the body generally needs to be able to produce some amount of insulin for the drugs to be of much benefit. Piper added that the T1D market had a “ways to go” before it saw full saturation for insulin pumps and CGMs. “Investors will need to be patient but should take advantage of this overdone move in the names,” Piper said. “We need to get through several quarters showing that there really isn’t a major impact to the companies before meaningful upside can exist.” Piper set a price target of $160 for DexCom, $325 for Insulet and $40 for Tandem.
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