Why Shares of Insulet Dropped This Week
Shares of Insulet (NASDAQ: PODD) were down 12.2% for the week as of Thursday's close, according to data provided by S&P Global Market Intelligence. The healthcare stock closed last week at $145.51, then fell to its 52-week low of $125.82 a share on Thursday.
Insulet makes insulin pumps. Concerns have been growing how new weight-loss and diabetes therapies in a class of drugs called GLP-1, such as Wegovy from Eli Lilly and Ozempic from Novo Nordisk, might impact the sales of Insulet's products. Those worries grew into a crescendo on Wednesday when Novo Nordisk released trial data that showed that its drug Ozempic (semaglutide) might also be effective in treating chronic kidney disease, which can be caused by too much fat in the liver.
The key word is that GLP-1 drugs might impact Insulet's sales in the future. While they may have the potential to reduce the number of people with diabetes, the number of people who already need insulin pumps continues to rise. In addition, the GLP-1 drugs won't reduce the number of type-1 diabetes patients.
Source Fool.com
Insulet Corp. Stock
Insulet Corp. is currently one of the favorites of our community with 14 Buy predictions and no Sell predictions.
With a target price of 215 € there is a positive potential of 32.96% for Insulet Corp. compared to the current price of 161.7 €.
