Why Insulet Stock Traded Lower

Insulet Corporation PODD shares traded lower Thursday. The stock has been under pressure this year amid the popularity of weight loss drugs.

What To Know: The popularity of weight loss drugs like Ozempic and its sister drug Wegovy, manufactured by Novo Nordisk A/S NVO, is evidenced by the "'slight pullback' in the overall shopping basket of customers using these medications" at Walmart WMT.

In addition to the effects of weight loss drug popularity on Insulet shares, the stock was trading lower on Wednesday after the company announced on Tuesday that Wayde McMillan would step down from his role as Executive Vice President, CEO and Treasurer, effective October 20. Insulet also reaffirmed third-quarer and full-year 2023 guidance Tuesday.

Despite the recent downtrend, the stock did receive a boost on Monday after Jefferies analyst Matthew Taylor upgraded Insulet from Hold to Buy and lowered the price target from $260 to $240.

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PODD Price Action: Shares of PODD were flat in the after-hours session at the time of publication, according to Benzinga Pro.

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