Stifel upgraded Profound Medical to Buy from Hold with a price target of $12, up from $9. The proposed first-time-ever, competitive TULSA procedure-specific CMS reimbursement removes a key overhang for the stock as adequate reimbursement is essential for early-stage medical technology companies in order to “nurture” and drive forward physician adoption, setting the stage for a more compelling commercial uptake, the analyst tells investors in a research note. The CMS reimbursement is the first of “several critical milestones” that should help push the company’s commercial uptake trajectory in a more substantially positive direction, the firm added.
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