Sept 7 (Reuters) - Insulet Corp's (PODD.O) shares hit an over three-year low on Thursday on concerns that strong demand for a new class of diabetes drugs that also aid in weight loss could hit sales of its insulin pumps.
CEO James Hollingshead said at the Wells Fargo Healthcare Conference that GLP-1 drugs, which are used to treat type-2 diabetes and obesity, could delay the onset of insulin dependency in diabetes patients.
GLP-1s are highly effective weight-loss drugs that some analysts predict could become a $100 billion market by 2030.
Shares of Massachusetts-based Insulet fell about 12% to $170.87 and were on track to wipe off about $1.6 billion from the company's market capitalization if losses hold.
Insulet manufactures and sells insulin delivery devices, which eliminate the need for multiple daily injections for people with insulin-dependent diabetes.
Persons:
James Hollingshead, Novo, Trang Ly, Bhanvi, Anil D'Silva
Organizations:
Wells, Healthcare Conference, New England, of Medicine, Massachusetts, Thomson
Locations:
Bengaluru