Wednesday, shares of Dexcom (DXCM) fell on news that Apple (AAPL) is trying to integrate a blood glucose sensor to its popular Apple Watch.

The move would compete with Dexcom’s line of continuous glucose monitors (CGMs). These devices allow diabetics to monitor their blood sugar levels in real time. The device requires a tiny needle placed just beneath the skin.

Bloomberg reports that Apple’s strategy would be noninvasive. Apparently, the company is testing a technology that employs lasers to search for compounds that can be absorbed by glucose beneath the skin. A subsequent algorithm determines the blood glucose level.

Dexcom stock fell 2.1% to settle at $111.65 on the stock exchange today. Apple stock concluded the regular session at 148.91, up a little.

Dexcom Stock: Growing Market

The creation of a glucose monitor by Apple is still in its infancy. Yet, it is a profitable market. Last year, Dexcom’s revenue exceeded $2.9 billion. This year, the company anticipates sales between $3.35 billion and $3.49 billion.

The market is also expanding. The Centers for Disease Control and Prevention report that more than 11 percent of the American population has diabetes. Prediabetes is a condition in which blood sugar levels are higher than usual but not high enough to warrant a diagnosis of type 2 diabetes.

The stock of Dexcom is highly regarded due to its effectiveness in diabetes treatment. The medical stock’s Relative Strength Rating is positive at 92 out of a maximum of 99. According to IBD Digital, this places shares in the top 8% of all equities in terms of 12-month performance.

According to MarketSmith.com, shares are currently forming a cup-with-handle base and a purchase point at 121.21. The move on Wednesday briefly pushed Dexcom shares below its base’s lower limit.

Officials of Dexcom and Apple did not immediately respond to Investor’s Business Daily’s requests for comment.

Related Articles:

A.I. is Irreversible: The Genie Is Out Of The Bottle.

Microsoft Integrates its AI Chatbot Into the Bing App for iOS and Android.

How to Use ChatGPT? Chat GTP Login, Steps chat.Openai.Com

 

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Silicon Valley Honchos Say it’s India’s Turn To Shine

Palo Alto Networks’ chairman and chief executive officer (CEO) Nikesh Arora believes…

Is Canva Pro Worth the Cost?

Are you currently using the free version of Canva, but you’re debating…

When And How To Preload ‘Warzone 2,’ Plus File Size On Xbox, PlayStation, And PC!

The release of Call of Duty: Modern Warfare 2 Season 1, the…