Insulet shares rebound after earnings sell-off

EOFlow

14/05/2024 18:34

** Medical device maker Insulet Corp's  PODD.O  shares rise
5.2% to $169.33
    ** The stock lost over 9% in value since last week after a
"solid" Q1 2024 earnings due to investor concerns around
competition for PODD's insulin pump, Baird analyst Jeff Johnson
said
    ** "With this selling over the past few days, we've taken a
number of calls from longer-term investors who sound like they
believe this recent selling has been overdone, so my guess is
that's why this stock is finally starting to rebound today,"
Johnson adds
    ** Short-seller Blue Orca Capital reveals short-position in
PODD after a U.S. Appeals court removed a preliminary injunction
against Korea-based insulin delivery device maker EOFlow Co Ltd
which the court had issued after PODD filed a patent suit
against EOFlow 
    ** PODD's larger rival Medtronic  MDT.N  had terminated a
deal to acquire EOFlow in December citing "multiple breaches
under the agreements"     
    ** The court decision clears the path for Medtronic (or
another industry heavyweight) to acquire EOFlow and shatters
Insulet's critical monopoly on tubeless automated insulin
delivery systems- Blue Orca
    ** Including session's gains, stock down ~22% YTD 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))