Penumbra well-positioned for market share gains, says Piper Sandler

Piper Sandler analyst Matt O’Brien says that given the recent launch of SENDit and the upcoming launch of Thunderbolt, the firm deep-dived into Penumbra’s aspiration thrombectomy devices, the stroke market growth opportunity and the competitive landscape. Piper expects the number of thrombectomy-eligible patients will expand 17% to include those with “large core” strokes based on recent evidence from randomized clinical trials. Overall, the firm believes the ischemic market will grow at a low double-digit annually through 2027. Penumbra is well-positioned in the near- and long-term to capitalize on this growing market, with SENDit and Thunderbolt and deliver neuro growth roughly 2-times the overall category, which is well ahead of Street expectations for the next two years, it adds. Piper has an Overweight rating on the shares with a price target of $335.