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NVRO

Nevro

$44.05

-16.04 (-26.69%)

, BSX

Boston Scientific

$33.56

-0.16 (-0.47%)

05:38
07/25/18
07/25
05:38
07/25/18
05:38

Nevro announces patent litigation update

Nevro (NVRO) announced that the district court, in its patent dispute with Boston Scientific (BSX), issued an order on claim construction and summary judgment. In the order, the Court ruled in Nevro's favor with regard to six method claims in three Nevro patents, finding them patent eligible and rejecting Boston Scientific's arguments that the claims were invalid as indefinite. Specifically, the claims upheld in this ruling are 11, 21 and 23 of U.S. Patent No. 8,359,102, claim 18 of U.S. Patent No. 8,792,988, and claims 1 and 5 of U.S. Patent No. 8,768,472. Collectively, these six claims cover methods for delivering SCS therapy at frequencies between 1.5 kHz and 100 kHz. Prior to the filing of this lawsuit, Boston Scientific filed two petitions challenging the validity of the claims of U.S. Patent No. 8,359,102 in the U.S. Patent Office. The Patent Trial and Appeals Board denied institution of both petitions. The Court found that Boston Scientific is not currently infringing the six upheld method claims. Boston Scientific has not commercially launched a high-frequency SCS system in the United States. The Court found that Boston Scientific's sale of the Spectra WaveWriter systems for commercial use in the United States does not infringe the upheld method claims because the Spectra WaveWriter systems are limited to frequencies at or below 1.2 kHz. In the United States, Boston Scientific is only using high-frequency SCS systems in the ACCELERATE clinical trial, and the Court found that Boston Scientific's programming of patients who have completed the ACCELERATE clinical trial is still protected by the clinical trial safe harbor. The Court, however, found that the asserted system claims in four of Nevro's patents were invalid as indefinite. The Court further held that practicing the upheld method claims in Europe does not infringe under U.S. patent law. Nevro disagrees with portions of the Court's ruling, and intends to appeal. Nevro believes that the six method claims that were upheld would effectively preclude Boston Scientific from commercially providing high frequency SCS therapy between 1.5 kHz and 100 kHz in the United States.

NVRO

Nevro

$44.05

-16.04 (-26.69%)

BSX

Boston Scientific

$33.56

-0.16 (-0.47%)

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NVRO Nevro
$44.05

-16.04 (-26.69%)

07/16/18
ADAM
07/16/18
NO CHANGE
Target $83
ADAM
Buy
Nevro price target lowered to $83 from $102 at Canaccord
Canaccord analyst Jason Mills lowered his price target on Nevro to $83 from $102 following its announcement, for the second time in two quarters, of a change at the top of its sales management. The analyst believes it implies a clear lack of direction and stability and he is frustrated by the poor communication from the current management team. Although he lowered his estimates and believes the company should pre-announce earnings to relax investors, he has maintained his Buy rating based on the company's total addressable market.
07/17/18
JPMS
07/17/18
NO CHANGE
Target $77
JPMS
Overweight
Nevro valuation attractive after recent selloff, says JPMorgan
JPMorgan analyst Robbie Marcus says Nevro's better than expected preannounced Q2 results were overshadowed by lowered 2018 guidance. While Nevro's near-term outlook will be challenged amid internal rep hiring headwinds and increasing competitive pressures, the bar has been reset at current valuation levels, Marcus tells investors in a research note titled "Down But Not Out; Reiterate OW Rating On Lowered Expectations And Attractive Valuation." The analyst sees see upside from current levels and reiterates an Overweight rating on Nevro. He lowered his price target for the shares to $77 from $98.
07/17/18
WBLR
07/17/18
NO CHANGE
WBLR
Outperform
Nevro risk/reward favorable at current levels, says William Blair
William Blair analyst Margaret Kaczor believes Nevro's lowered 2018 outlook reset expectations and gives the company room to meet or exceed estimates going forward. She does not see a change in the underlying long-term business dynamics. The stock's risk/reward is favorable and Nevro's "strong" clinical and product pipeline and brand in the marketplace has value that is not fully reflected in the stock at these levels, Kaczor tells investors in a research note. She keeps an Outperform rating on the shares.
07/17/18
LEER
07/17/18
NO CHANGE
Target $90
LEER
Outperform
Nevro price target lowered to $90 from $95 at Leerink
Leerink analyst Danielle Antalffy lowered her price target for Nevro to $90 from $95, while reiterating an Outperform rating on the shares. The analyst acknowledges that given the execution issues over the past 18 months, management is in "the penalty box." But Antalffy also believes that Nevro's story remains intact from a fundamental perspective, as Spinal Cord Stimulation is a sustainable double-digit growth market for the foreseeable future, with further acceleration possible as new indications come online, and Nevro has a highly differentiated product with what she views as still the best-in-class clinical data to support it. The risk/reward is now much more favorable, she contends.
BSX Boston Scientific
$33.56

-0.16 (-0.47%)

07/11/18
WELS
07/11/18
NO CHANGE
WELS
Market Perform
Nevro IP concerns appear overblown, says Wells Fargo
Wells Fargo analyst Larry Biegelsen notes that last week, a contentious hearing was held in the Northern District of California in the litigation where Nevro (NVRO) is asserting that Boston Scientific (BSX) infringes seven patents related to high-frequency stimulation. News coverage of the hearing has understandably focused on the fact that the judge expressed significant skepticism with respect to many of the Nevro patents and this news coverage has likely lead to a 15.1% drop in Nevro's share price on July 10, he adds. Biegelsen's patent consultant, however, believes Nevro is very likely to emerge in good shape, despite the headlines. The analyst reiterates a Market Perform rating on Nevro's shares.
07/11/18
JPMS
07/11/18
NO CHANGE
JPMS
Overweight
JPMorgan more positive on Nevro positioning in legal fight after management talk
JPMorgan analyst Robert Marcus said that after his talks with Nevro's (NVRO) management team he is more positive on the company's positioning in its ongoing legal fight against Boston Scientific (BSX). Headlines regarding a tentative ruling that supported invalidating 5 of the 7 patents at issue, which he attributes for Nevro's decline yesterday, masked that the judge favored Nevro on the two remaining patents and the company only needs to successfully defend one of its patents to keep Boston Scientific out of the market, Marcus tells investors. He maintains an Overweight rating on Nevro shares.
07/23/18
RBCM
07/23/18
NO CHANGE
Target $36
RBCM
Top Pick
Boston Scientific price target raised to $36 from $32 at RBC Capital
RBC Capital analyst Glenn Novarro raised his price target on Boston Scientific to $36 and kept his Top Pick rating ahead of its Q2 earnings, saying it is "one of the elite growth companies in large-cap MedTech" with a possibility of being an acquisition target, warranting its premium valuation. The analyst notes however that after a 36% year-to-date run-up in the stock price, operational revenue growth closer to the high end of the forecast 5%-7% growth rate and a FY18 guidance increase are needed to move the stock price higher in the short term.
07/23/18
RHCO
07/23/18
NO CHANGE
Target $39
RHCO
Buy
Boston Scientific price target raised to $39 from $34 at SunTrust
SunTrust analyst Bruce Nudell raised his price target on Boston Scientific (BSX) to $39 and kept his Buy rating ahead of its Q2 results, saying that based on the pipeline and market opportunities discussed at the recent Endoscopy analyst meeting, a higher long-term assumption for the sector is warranted. Nudell expects the management to discuss the recent speculation about a proposed acquisition offer by Stryker (SYK), the U.S. Watchman momentum, and the opportunity of other products like Spectra WaveWriter, Vercise, Resonate w/HeartLogic, ACURATE, and the EP portfolio inclusive of DirectSense.

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