Shares of Insulet Corporation PODD reached a new 52-week high of $242.13 on Sep 30, before closing the session marginally lower at $236.59. The stock has rallied 7.3% since its second-quarter 2020 earnings announcement on Aug 6.
The company is witnessing an upward trend in its stock price, prompted by strength in the Omnipod system, both in the United States and international markets. Insulet’s pandemic-led initiatives and a booming diabetes market bode well. Further, the company’s solid performance in the second quarter of 2020 despite the pandemic-led business disruptions boosted market sentiments. However, a stiff competitive landscape and sole reliance on the Omnipod system are concerning.
Let’s delve deeper.
Insulet exited second-quarter 2020 with better-than-expected results. The company registered strong year-over-year improvement in revenues in the second quarter on solid uptake of the Omnipod system, both in the United States and international markets. The momentum of Omnipod DASH