Insulet Corporation (NASDAQ:PODD) shares closed 7.55% higher on Monday following the FDA approval of the company's Omnipod 5.

Analysts at Oppenheimer upgraded the company to outperform from perform following the approval, noting that they also see upside opportunities over the medium term on potential O5 international expansion.

The company’s management hasn't yet communicated timelines, but the analysts assume the company would look to target international O5 expansion over the medium term.