Penumbra initiated with an Outperform at Leerink

Leerink analyst Mike Kratky initiated coverage of Penumbra with an Outperform rating and $263 price target. Penumbra’s thrombectomy products are mainly used in four large commercial markets that the firm estimates account for a combined $7.4B U.S. TAM, with mechanical thrombectomy remaining broadly underpenetrated despite offering several key advantages over legacy and alternative treatments. Importantly, Leerink believes Penumbra has recently captured relatively significant market share in venous thromboembolism, which represents the largest component of the company’s U.S. Thrombectomy sales and includes both deep vein thrombosis and pulmonary embolism.