By Colin Kellaher
Shares of Insulet Corp. rose nearly 10% on Friday after the medical-device company won U.S. Food and Drug Administration approval for its Omnipod 5 automated insulin-delivery system for individuals ages 6 and older with type 1 diabetes.
The FDA nod represents a meaningful milestone for Insulet, said analysts at Citi, who noted that the Acton, Mass., company and its investors have been waiting for a green light for almost a year.
Citi said it believes the Omnipod 5, which is the first tubeless automated insulin-delivery system that integrates with DexCom Inc.'s G6 continuous glucose monitoring system and a compatible smartphone, will be very well received, and the analysts reiterated their buy rating on the stock.
Insulet shares were recently changing hands at $213.12, up 9.4%.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires