Penumbra, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Michael Matson from Needham reiterated a Buy rating on the stock and has a $326.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Michael Matson has given his Buy rating due to a combination of factors surrounding the recent developments in Penumbra’s clinical trials. The STORM-PE trial, which was presented at the TCT conference, demonstrated positive results by meeting both its primary efficacy and secondary safety endpoints. This trial, being the first randomized controlled trial of mechanical thrombectomy in pulmonary embolism, is expected to significantly increase the adoption of thrombectomy procedures in treating PE.
Furthermore, physicians at an investor event expressed optimism that the STORM-PE trial could lead to changes in clinical guidelines. Although educating non-interventionalists about these results may require time, the trial is anticipated to bolster Penumbra’s business in the pulmonary embolism sector. These factors collectively contribute to Matson’s positive outlook on Penumbra’s stock, justifying his Buy rating.
Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific, Penumbra, and TransMedics Group. According to TipRanks, Matson has an average return of -2.3% and a 41.48% success rate on recommended stocks.