Merit Medical price target raised to $103 from $92 at BofA

BofA raised the firm’s price target on Merit Medical (MMSI) to $103 from $92 and keeps a Neutral rating on the shares after six-month pivotal data from Merit’s WRAPSODY device designed to maintain vascular access for hemodialysis patients was presented at an industry conference in Portugal this weekend. WRAPSODY hit its six-month target lesion primary patency, or TLPP, of 90% and the WRAPSODY TLPP was better than expected and was markedly higher than what primary competitors Gore’s Viabahn and Becton Dickinson’s (BDX) Covera showed in their clinical trials, the analyst tells investors. The firm thinks WRAPSODY’s strong clinical data could be a differentiator and help drive increased market penetration once it is launched early next year, the analyst added.