iRhythm selling off on ‘essentially a non-issue,’ says Truist

Truist views the selloff today in shares of iRhythm as unwarranted. A rise in adverse events related to iRhythm’s AT products in the FDA database is “essentially a non-issue,” the analyst tells investors in a research note. The firm says the company is “erring on the side of over reporting: adverse events to the FDA’s Manufacturer and User Facility Device Experience database after receiving a warning letter last year. Truist does not think the events have any bearing on the timing of a potential warning letter resolution for AT or potential next generation mobile cardiac telemetry clearance and launch. The analyst keeps a Buy rating on iRhythm with a $145 price target. The stock in afternoon trading is down 3% to $95.49.