ShockWave Medical price target raised to $283 from $240 at Needham

Needham raised the firm’s price target on ShockWave Medical to $283 from $240 and keeps a Buy rating on the shares. On Monday, the Centers for Medicare and Medicaid Services released its proposed rule for the FY24 Inpatient Prospective Payment System, in which it proposes to add three new higher paying DRGs for coronary IVL. The firm thinks this is positive for ShockWave, which has a new technology add-on payment for inpatient use of coronary IVL, and supports the view that ShockWave continues to execute a solid reimbursement strategy, the analyst tells investors in a research note.