Medtronic (NYSE:MDT) added strength Monday morning, after being upgraded to overweight from equal weight by Wells Fargo. The Wall Street firm expects Medtronic to benefit from a maturing product pipeline and improving medtech trends.
Friday, the firm announced The US FDA has approved its MiniMed 780G insulin pump system.
The company said the system is the only one that provides meal detection technology to automatically adjust and correct sugar levels every five minutes for both basal and bolus insulin needs.
"A lot can happen to blood sugars in the span of an hour or even just a few minutes, so we've designed our system for real life – the algorithm adapts to the user and helps compensate for everyday challenges that are quite common around mealtimes," President of Medtronic Diabetes Que Dallara said.
Results from a pivotal trial showed that those using MiniMed 780G had 75% Time in Range (blood sugar between 70-180 mg/dL) and an overall Time Below Range of 1.8%.
Dallara continued, “"A lot can happen to blood sugars in the span of an hour or even just a few minutes, so we've designed our system for real life – the algorithm adapts to the user and helps compensate for everyday challenges that are quite common around mealtimes. We built in features informed by extensive customer feedback and we're excited to deliver a system with ease of use at the forefront."
MDT shares acquired $2.53, or 3%, to $88.27.
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