Insulet jumps after FDA clears expanded use of insulin delivery system
Updates
** Shares of medical device maker Insulet PODD.O jump7.4% to $194.11
** Stock top gainer on the S&P 500 .SPX at 10:45 a.m. ET
** Company said late on Monday the U.S. Food and Drug Administration has cleared its automated insulin delivery (AID) system for type 2 diabetes patients
** The device, Omnipod 5, is the first AID system to be cleared for both type 1 and type 2 diabetes - PODD
** "We continue to believe the T2D label will create a multi-year catalyst for PODD" - Canaccord Genuity
** TD Cowen says FDA has cleared Omnipod 5 for T2D nearly three months ahead of the brokerage's mid-Q4 estimate and reiterates bullish view on co's T2D growth prospects
** If gains hold through the session, it would be the stock's best day this year
** 20 out of 23 brokerages covering the stock rate it "buy" or higher, three "hold"; median PT at $238.69
** Up to last close, stock down ~17% YTD
Reporting by Mariam Sunny and Medha Singh in Bengaluru
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