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Fly News Breaks for February 6, 2020
ABMD
Feb 6, 2020 | 14:41 EDT
Piper Sandler analyst Matt O'Brien notes that Abiomed reported full fiscal Q3 results that were in-line with its January preannouncement on the top-line, while management pushed the Street to the low end of its fiscal 2020 guidance range as the protected PCI business domestically was weak. The analyst believes this update will cause estimates for the company to fall meaningfully in fiscal 2021, but Abiomed is "not sitting idly by" as this is happening, and announced it will conduct a randomized controlled trial on protected PCI, with the goal of obtaining a Class I recommendation for Impella in these patients. Overall, O'Brien acknowledges that the next several quarters will be volatile, but applauds management's decision to more aggressively pursue data to support Impella, a device he continues to believe provides significant benefits to patients. He has an Overweight rating and $240 price target on the shares.
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