Abbott approval ‘incremental headwind’ to Nevro, says Piper Sandler

Piper Sandler analyst Adam Maeder views the FDA approval of Abbott’s (ABT) Proclaim XR spinal cord stimulation system for the treatment of painful diabetic neuropathy as an "incremental headwind" to Nevro (NVRO). The analyst believes Abbott should be well positioned in painful diabetic neuropath segment of the spinal cord stimulation market given its sizeable presence in both pain stim and diabetes. However, Nevro should have an advantage in the field given the "highly compelling" results demonstrated in its SENZA-PDN study, Piper contends. The firm keeps an Underweight rating on Nevro with a $37 price target.