DexCom could be the first stock to break out of ‘GLP jail,’ analysts say, as market continues to punish device makers
Diabetes device stocks that have been crushed in recent months by an Ozempic-fueled weight-loss drug frenzy have now been punished enough, some analysts say.
The negativity has been driven largely by the concern that widespread use of GLP-1 drugs like Ozempic and Wegovy will mean less insulin use and more stable blood glucose levels among type 2 diabetes patients, shrinking the market for diabetes devices.
The GLP-1 drugs aren’t as catastrophic for device makers as the share price declines would suggest, some analysts say, in part because the type 1 diabetes market is relatively insulated from the GLP-1 effects, and there’s still plenty of room for growth in the type 2 diabetes market, even as more of these patients start taking Mounjaro and similar treatments.
The pullback in DexCom shares “represents a good buying opportunity,” Oppenheimer analysts wrote in a mid September report, saying use of continuous glucose monitoring should continue to increase. Raymond James analysts also wrote in a mid September report that DexCom is their favorite diabetes play, as continuous glucose monitoring “can cohabitate with GLP-1s” and upward revenue revisions can still drive the stock.
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