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Shares of DexCom (NASDAQ: DXCM) surged higher on Monday, gaining as much as 5.3%. As of 3:04 p.m. ET, the stock was still up 3.6%.
The catalyst that sent the medical device maker higher was bullish commentary by one Wall Street analyst.
Leerink analysts initiated coverage of DexCom with an outperform rating, while simultaneously assigning a $110 price target, according to The Fly. This would represent potential gains of 44% compared to the stock's closing price on Friday.