As previously reported, Wells Fargo Securities analyst David Maris upgraded Sientra to Outperform from Market Perform and raised his price target on the shares to $10 from $8. The analyst notes that the shares are down approximately 25% since Q1 results, following what he believes to be worries about the then-upcoming FDA panel meeting on breast implant safety, and more recently on a financing overhang. Sientra announced on June 4 that it raised gross proceeds of $100M in an upsized equity offering of about 17.4M shares at $5.75, which removes the near-term overhang, he contends. Further, combined with an improved industry backdrop, he now expects the shares to outperform.