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NVRO

Nevro

$60.55

16.5 (37.46%)

, BSX

Boston Scientific

$33.88

0.32 (0.95%)

11:13
07/25/18
07/25
11:13
07/25/18
11:13

Nevro rebounds after analysts defend shares on patent ruling

Shares of Nevro (NVRO) are on the rise after yesterday's selloff in response to a summary judgment issued in its patent fight with Boston Scientific (BSX). Commenting on the news, William Blair analyst Margaret Kaczor argued that the patent ruling is not as bad as it seems and is similar to the preliminary judgement published earlier this month. Her peers at Leerink, JPMorgan and Canaccord also defended Nevro, recommending buying the shares amid the weakness. NON-INFRINGEMENT JUDGEMENT: Nevro was under pressure yesterday after a judge in the U.S. District Court for the Northern District of California ruled that patent claims 18, 34, and 55 of the '125 patent, claims 5 and 34 of the '357 patent, claims 7, 12, 35, 37, and 58 of the '533 patent, and claims 1 and 22 of the '842 patent are invalid as indefinite. "Therefore, summary judgment is granted to Boston Scientific on those claims. For the remaining asserted claims, summary judgment of non-infringement is granted to Boston Scientific," a court order stated. Nevro announced this morning that the district 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. The court found that Boston Scientific is not currently infringing the six upheld method claims, added Nevro, which noted that Boston Scientific has not commercially launched a high-frequency SCS system in the U.S. 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 U.S., the company also stated. ANALYSTS SEE BUYING OPPORTUNITY: In a research note to investors this morning, William Blair's Kaczor told investors that the summary judgement issued yesterday is "not as bad as it seems" for Nevro. While the initial headline appears negative, the ruling is similar to the preliminary judgment published earlier this month, the analyst noted. Further, Kaczor pointed out that while some of the claims in the patents have been invalidated, the remaining claims, which include frequency ranges of 1.5 kHz to 100 kHz, were not invalidated. Nonetheless, she acknowledged that the judge found Boston Scientific did not infringe on the claims as its commercially available devices could not be programmed to frequencies that would infringe and that devices that could be programmed to high frequency that are being used in clinical trials are included in safe harbor provisions, which leaves the door open in the event that Boston commercially launches a device within the frequency ranges referenced above. The analyst believes, however, that even if Boston moves to launch a high frequency device in the U.S., the company would likely have to file for FDA approval following the completion of its high-frequency trial. Kaczor reiterated an Outperform rating on Nevro shares. Meanwhile, Leerink analyst Danielle Antalffy also defended Nevro shares, arguing that even in a worst-case scenario, namely one in which Nevro's patents are invalidated, allowing other manufacturers to pursue high frequency therapy, the company would still be able to grow sales by about 5% in 2019. Antalffy reiterated an Outperform rating and $90 price target on Nevro's shares as she continues to believe the company's fundamentals remain relatively strong, particularly given where the stock is currently trading. Calling the weakness in Nevro following the summary judgement a "buying opportunity," Canaccord analyst Jason Mills noted that the stock's move yesterday priced in a worst-case scenario, implying Nevro will lose all IP protection over its HF-10kHz technology. However, the analyst believes the current situation is more nuanced and the ultimate outcomes remain fluid. Mills reiterated a Buy rating and $80 price target on Nevro shares. Voicing a similar opinion, his peer at JPMorgan said he also views yesterday's selloff in shares of Nevro as a "clear buying opportunity." Analyst Robbie Marcus believes that while the headlines suggest Boston Scientific was the clear winner in the summary judgment, the "nuance in the actual ruling swings this in favor of Nevro," as the ruling implies that any attempt to actually commercialize a high-frequency device in the U.S. remains an infringement of Nevro's patents '102 and '472. He reiterated an Overweight rating on Nevro shares. PRICE ACTION: In morning trading, Nevro has jumped $15.88, or about 36%, to $60.07 per share.

NVRO

Nevro

$60.55

16.5 (37.46%)

BSX

Boston Scientific

$33.88

0.32 (0.95%)

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NVRO Nevro
$60.55

16.5 (37.46%)

07/25/18
WBLR
07/25/18
NO CHANGE
WBLR
Outperform
Nevro patent ruling not as bad as it seems, says William Blair
William Blair analyst Margaret Kaczor says the summary judgement issued yesterday is not as bad as it seems for Nevro (NVRO). While the initial headline appears negative, the ruling is similar to the preliminary judgment published earlier this month, Kaczor tells investors in a research note. Though some of the claims in the patents have been invalidated, the remaining claims, which include frequency ranges of 1.5 kHz to 100 kHz, were not invalidated, the analyst adds. She points out, though, that the judge found Boston Scientific (BSX) did not infringe on the claims as its commercially available devices could not be programmed to frequencies that would infringe and that devices that could be programmed to high frequency that are being used in clinical trials are included in safe harbor provisions. This leaves the door open in the event that Boston commercially launches a device within the frequency ranges referenced above, Kaczor writes. She believes, however, that even if Boston moves to launch a high frequency device in the United States, the company would likely have to file for FDA approval following the completion of its high-frequency trial. Despite some level of uncertainty this ruling may bring, Nevro's risk/reward is favorable, Kaczor contends. She keeps an Outperform rating on the shares.
07/25/18
LEER
07/25/18
NO CHANGE
Target $90
LEER
Outperform
Nevro selloff overdone, says Leerink
Leerink analyst Danielle Antalffy is defending Nevro (NVRO) shares after a 26% selloff in response to a summary judgment ruling in which either the company's patents were ruled invalid or Boston Scientific (BSX) was ruled to not infringe. The analyst believes that even in a worst-case scenario, namely one in which Nevro's patents are invalidated, allowing other manufacturers to pursue high frequency therapy, the company would still be able to grow sales by about 5% in 2019. Antalffy reiterates an Outperform rating and $90 price target on Nevro's shares as she continues to believe the company's fundamentals remain relatively strong, particularly given where the stock is currently trading.
07/25/18
ADAM
07/25/18
NO CHANGE
Target $80
ADAM
Buy
Nevro weakness a buying opportunity, says Canaccord
Canaccord analyst Jason Mills said the weakness in Nevro (NVRO) following a summary judgment announced yesterday in its patent dispute with Boston Scientific (BSX) is a buying opportunity. The analyst said the move yesterday priced in a worst-case scenario, implying Nevro will lose all IP protection over its HF-10kHz technology, but he believes the current situation is more nuanced and the ultimate outcomes remain fluid. He believes the market overreacted and he recommends investors buy the weakness. Mills reiterated his Buy rating and $80 price target on Nevro shares.
07/25/18
JPMS
07/25/18
NO CHANGE
Target $77
JPMS
Overweight
Nevro selloff yesterday a 'clear buying opportunity,' says JPMorgan
JPMorgan analyst Robbie Marcus views yesterday's selloff in shares of Nevro (NVRO) as a "clear buying opportunity." The headlines suggest Boston Scientific (BSX) was the clear winner in the summary judgment, but the "nuance in the actual ruling swings this in favor of Nevro," Marcus tells investors in a research note. The analyst's interpretation is that while Boston doesn't infringe Nevro's three remaining patents with its current trials and U.S. commercialized tonic stimulation devices, the ruling implies that any attempt to actually commercialize a high-frequency device in the U.S. remains an infringement of Nevro's remaining patents '102 and '472. While Nevro's systems claims patents were ruled invalid, the company's broader method claim patents were upheld, Marcus writes. He keeps an Overweight rating on Nevro with a $77 price target. The stock closed yesterday down 26%, or $15.78, to $44.22.
BSX Boston Scientific
$33.88

0.32 (0.95%)

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