Tandem Diabetes Care (TNDM)

• Market cap: $1.38B
• 1 day: -0.76%
• 5 days: -1.05%
• 1 month: -10.25%
• 3 months: 14.19%
• 6 months: -36.44%
• Year to date: -42.08%
• 1 year: -54.32%
• 5 years: -74.76%
• 10 years: -81.36%
• Sector: Healthcare
• Industry: Medical Devices

About: Tandem Diabetes designs, manufactures, and markets durable insulin pumps for diabetes patients. The firm first entered this market in 2012 and has since introduced multiple generations of pumps leading to its current t:slim X2 device. The firm recently launched its smaller Mobi pump and continues to work on a tubeless patch pump. Nearly three-quarters of total revenue is derived from the US, with the remainder primarily from other developed nations. The pumps themselves generate just over half of total sales, and another one third is from disposable infusion sets that need to be changed over every 2 to 3 days.

Employees: 2,650

Fund manager confidence

Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

1,027% more call options, than puts

Call options by funds: $61.6M | Put options by funds: $5.47M

25% more repeat investments, than reductions

Existing positions increased: 105 | Existing positions reduced: 84

0.03% less ownership

Funds ownership: 109.72% [Q4 2024] → 109.68% (-0.03%) [Q1 2025]

14% less funds holding

Funds holding: 313 [Q4 2024] → 269 (-44) [Q1 2025]

46% less capital invested

Capital invested by funds: $2.6B [Q4 2024] → $1.4B (-$1.2B) [Q1 2025]

52% less first-time investments, than exits

New positions opened: 38 | Existing positions closed: 79

60% less funds holding in top 10

Funds holding in top 10: 5 [Q4 2024] → 2 (-3) [Q1 2025]

Research analyst outlook

7 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $20 4% downside
• Avg. target: $30 43% upside
• High target: $59 184% upside

7 analyst ratings

• positive: 3 43%
• neutral: 4 57%
• negative: 0 0%

Citigroup Joanne Wuensch	16% upside $24	Neutral Maintained	22 May 2025
Canaccord Genuity William Plovanic	184% upside $59	Buy Maintained	1 May 2025
Stifel Mathew Blackman	49% upside $31	Buy Maintained	1 May 2025
Wells Fargo Larry Biegelsen	4% downside $20	Equal-Weight Maintained	1 May 2025
Piper Sandler Matt O'Brien	45% upside $30	Overweight Maintained	1 May 2025