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MMED enters today's earnings event with a lending market that has barely loosened since last week's note, but with options traders now the most bullishly positioned they have been all year.
The clearest shift since Tuesday's article is in options. The put/call ratio has dropped to 0.58, more than two standard deviations below its 20-day average of 0.95. That is the most call-heavy reading in the past year. A week ago, the ratio was sitting near 0.84 and already leaning bullish. It has moved further in the same direction, a decisive tilt toward upside positioning into the print.
The lending market has changed less. Availability recovered from the 0.0001% recorded on Monday and Tuesday to 2.4%, still the tightest end of a range that has not been above 3% for three weeks. Cost to borrow eased from the 196.7% spike on October 13 back to 88.9%, still nearly 200% above where it was a month ago. Short interest reached 28.5 million shares on October 14, up 5% on the day and 10% on the week, representing a roughly fourfold increase from the 7.4 million shares short six weeks ago. The ORTEX short score has eased fractionally to 88.5 from a peak of 93.6 on October 6, but has not broken below 88 in two weeks. Bears have not covered.
The analyst community has grown more attentive around today's print. Jefferies started coverage with a Hold and a $22 target on October 12. Barclays initiated at Equal-Weight, also at $22, on October 7. Mizuho maintained Outperform and lifted its target to $28 on October 8. The consensus sits at Buy across 11 analysts, with a mean target of $25, about 39% above the current $18 price. Bulls point to the diabetes "full-stack" growth story: Q1 organic revenue growth of 15.8%, CGM attachment near 69%, and FY27 organic growth guidance around 10.5%. Bears acknowledge the profitability runway but argue that execution risk as the company separates from Medtronic and slower revenue growth relative to peers justify a discount. Medtronic itself still holds 90% of the shares outstanding, filed under a passive Schedule 13G as of May, with stakes as-last-disclosed around the 5% threshold.
The prior print on October 9 produced a one-day move of minus 5%. The September 1 print went the other way, up 17% on the day and 15% over the following week. With the stock down 18% over the past month and up 7% in the most recent session, today's release will test whether the call-heavy options positioning or the record short interest is the better read on what the numbers actually show.
See the live data behind this article on ORTEX.
Open MMED on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
