Why Shares of Tandem Diabetes Care Jumped This Week
Shares of Tandem Diabetes Care (NASDAQ: TNDM) were up more than 22% as of Friday morning at 10:30 a.m. ET, according to data provided by S&P Global Market Intelligence. The insulin delivery and diabetes technology company's stock closed last week at $24.46, then rose to as high as $30.40 on Thursday and Friday.
The impetus for the big move was the medical device company's announcement after the market closed on Tuesday that it had received Food and Drug Administration (FDA) clearance for its Tandem Mobi insulin pump for patients 6 and older. The Mobi is the world's smallest automated insulin delivery system, according to Tandem, and is controlled from a mobile application and is compatible with continuous glucose monitors (CGMs).
The company said it expects to launch the product later this year. Some of its features include a 200-unit insulin cartridge and an on-pump button as an alternative to phone control. The device is small enough to be hidden in a coin pocket, but it can also be clipped to clothing or worn with an adhesive sleeve.
Source Fool.com
