Envista Holdings Corporation (NYSE: NVST) said that it has bagged Food and Drug Administration’s (FDA) 510(k) clearance for its Assisted Intelligence (AI) mandibular nerve tracing feature in its image acquisition and diagnostic software platform DTX Studio Clinic.
Envista manufactures and markets dental products for diagnosing, treating and preventing dental conditions. Shares of NVST have gained 12% so far this year.
The approved feature is of importance in modern dentistry, as proper image of a nerve can help reduce complications by lowering chances of error and saving time in comparison to the manual method.
Also, Envista said that the recent clearance complements the previous approvals. In 2017, the company received clearance for its AI-driven 3D virtual tooth setup algorithm. Further, in 2020, automatic tooth position identification and automated sorting of full-mouth x-ray series was approved. On March 25, the FDA cleared the third AI-focused 510(k) for the fully automated mandibular nerve tracing on CBCT scans.
Envista CEO Amir Aghdaei said, “This clearance is another important step towards our digital strategy of expanding the capabilities of our powerful, unified, and open dental diagnostic software platform DTX Studio Clinic.”
Stock Rating
Robert W. Baird analyst Jeff Johnson maintained a Buy rating on Envista with a price target of $54, implying 6.8% upside potential from current levels.
Overall, the Street is bullish on the stock and has a Strong Buy consensus rating based on four Buys and one Hold. Envista’s average price target of $53 implies upside potential of about 4.8% from current levels.
Hedge Fund Trading Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Envista is currently Very Negative, as the cumulative change in holdings across all six hedge funds that were active in the last quarter was a decrease of 688,100 shares.
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