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Shares of Insulet Corporation (NASDAQ:PODD) responded positively to the company’s solid results and guidance. The current share price reflects optimism around a Medicare coverage decision and could decline if the decision does not come soon, BTIG’s Sean Lavin said in a report. He downgraded the rating on the company from Buy to Neutral.
Insulet’s core OmniPod business gained new users, generated gross margin expansion and continues to perform well. In 2016, the business grew 21 percent in the United States and 79 percent outside the United States. “We believe the business will continue to do well, but feel shares appropriately now account for this,” Lavin pointed out.
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Related Link: SkyTides: Insulet's President Provided 'Critical Misinformation To Investors'
Medicare Coverage
Some investors seem to be expecting Medicare coverage in the near term due to management’s comments in January. Lavin said, however, that Insulet may have been expecting a decision before the new administration took place, but now this seems to be on hold “at least until new appointees are in at CMS [Centers for Medicare & Medicaid Services].”
“We expect a positive decision but are not sure when…We feel while shares might bump higher on coverage, they could slide a bit if this does not come soon,” the analyst commented.
At last check, shares of Insulet were down 3.33 percent at $44.76.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.