Shares of (NASDAQ: PODD) were sinking 9.3% as of 11:27 a.m. ET on Thursday after falling as much as 11.6% earlier in the session. The decline came as investors worried about the potential negative impact of new diabetes drugs on the sales of Insulet's insulin pumps.

Insulet CEO James Hollingshead stated in remarks at the Wells Fargo Healthcare Conference that glucagon-like peptide 1 (GLP-1) agonists could enable diabetic patients to hold off beginning insulin therapy. Several GLP-1 agonists are already on the market, including Novo Nordisk's Ozempic and Eli Lilly's Mounjaro. 

Investors already appeared to have concerns about Insulet even before Hollingshead's comments at the Wells Fargo conference. The healthcare stock has been hammered in recent weeks.

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Source Fool.com