SENS - Senseonics hits 52-week low on rising volume

2023-03-22 15:31:51 ET

• Shares of medical device maker Senseonics Holdings ( SENS ) fell ~10% to reach a 52-week low on Wednesday on rising volumes extending its YTD decline to more than 25%. Nearly ~7.4M company shares have changed hands, compared to the 65-day average of ~2.5M.
• The selloff has coincided with a general weakness among medical device makers and a broader decline in the market.
• Senseonics ( SENS ), which markets the Eversense line of continuous glucose monitoring (CGM) devices, plunged last week after indicating underwhelming guidance.
• The company’s bigger rivals in the CGM market, Abbott Laboratories ( ABT ), DexCom ( DXCM ) and Medtronic ( MDT ) are also on the decline.
• As newer versions of CGM devices launch, “there are fewer differentiators between the competitors in the space” due to lack of switching costs, Seeking Alpha contributor Jonathan Wheeler argued recently, citing the impact on pricing and profitability.

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