Tandem Diabetes (TNDM) Surges 13.8% After Wells Fargo Upgrade to Overweight

Shares of Tandem Diabetes Care (TNDM) jumped 13.8% on June 2, 2026, after Wells Fargo upgraded the stock to Overweight from Equal Weight and lifted its price target to $27 from $21. Analysts cited a favorable shift in the company's pharmacy channel strategy. The upgrade followed a management meeting where executives noted that the company rebuilt its formulary coverage from zero to approximately 40% in a single off-cycle quarter. While first-quarter pharmacy results disappointed, early second-quarter data showed improving momentum, with April sales volume exceeding March's. The rally helps pare steep losses. On May 9, the stock fell 10.9% after Tandem reconfirmed 2026 revenue guidance of $543 million, nearly 50% below Wall Street estimates. TNDM remains down 9.5% year-to-date and 31% below its 52-week high.