Bullish
$TNDM is down on almost triple normal volume in apparent reaction to an FDA report on an adverse event (death) related to its t:slim X2 Insulin Pump. Cowen sees '99%+' odds that Tandem Diabetes not at fault in patient death. Says Basal-IQ is only capable of regulating basal insulin, not bolus insulin, which means the system could not have delivered a faulty bolus causing a severe hypoglycemic event. Doesn't expect stock weakness to persist. Keeps an outperform rating on the stock. Cowen: $75 Price Target. Piper Jaffray: $80 Lake Street: $100 #Long
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