  - $323.21
-14.28 (-4.23%) - 02/05/19
- JEFF
02/05/19
NO CHANGETarget $460
JEFF
Buy Abiomed selloff on FDA letter to doctors overblown, says Jefferies The selloff in shares of Abiomed after FDA notified doctors of higher mortality in the post approval study of Impella RP is overblown, Jefferies analyst Raj Denhoy tells investors in a research note. Sales of RP were 4% of sales in the most recent quarter at Abiomed, the analyst points out. Further, he sees "little risk" as the company "stresses timely and appropriate use of the pump." While there might be "some minor hiccup in sales to the tune of 1%-2%," there shouldn't be any lasting impact to the prospects of the RP pump, says Denhoy. Further, he believes the letter could have a "silver lining" as there is now evidence that the pump should be used sooner and patients not allowed to decompensation so dramatically before implantation. The analyst sees no impact to Abiomed's total addressable market and says the company remains the "best growth story in medtech." He keeps a Buy rating on the shares with a $460 price target. - 02/04/19
- PIPR
02/04/19
NO CHANGETarget $480
PIPR
Overweight Piper Jaffray expects impact on Abiomed from FDA letter to be minimal Piper Jaffray analyst Matt O'Brien kept his Overweight rating and $480 price target on Abmiomed, saying there are nuances to the recent issuance of a "Dear Doctor" letter related to the Impella RP. The analyst notes that 16 of the 23 patients enrolled in the PAS "would not have met the enrollment criteria for the premarket study", so the survival in patients on protocal would have been higher than the 17% reported at 43% or 57%. O'Brien expects the impact of the letter to be minimal to RP utilization, stating that the opportunity for the program "remains healthy". - 02/04/19
- SPHN
02/04/19
NO CHANGETarget $415
SPHN
Overweight Stephens remains bullish on Abiomed despite 'Dear Doctor' letter Stephens analyst Chris Cooley reiterates an Overweight rating and $415 price target on Abiomed's shares despite the recent issuance of a "Dear Doctor" letter related to the Impella RP. Specifically, the letter notes the FDA is evaluating post-approval study results for the RP which suggest a higher mortality rate for patients treated with the Impella RP versus what was noted in prior clinical studies, he adds. The analyst's model estimates sales of the Impella RP will contribute about $48M to FY19 operating results and he points out that the Impella remains on the market and the company is working with the FDA to assess the post approval study data. - 02/05/19
- WBLR
02/05/19
NO CHANGEWBLR
Outperform FDA letter adds 'question mark' to Abiomed story, says William Blair The "Dear Doctor" letter, notifying clinicians of interim results from its post-approval study on Impella RP, "adds a question mark" to the Abiomed story, William Blair analyst Margaret Kaczor tells investors in a research note. However, from a fundamental perspective, Impella RP has been a relatively small part of Abiomed's revenues, contributing approximately $6.6M in its fiscal Q3. Thus, the analyst believes Abiomed can continue to grow over 20% over the next several years without significant contribution from Impella RP. Kaczor keeps an Outperform rating on Abiomed. - $58.83
-1.98 (-3.26%) - 12/18/18
- PIPR
Piper lays out top Medical Technology picks heading into 2019 Piper Jaffray analyst Matt O'Brien tells investors to hold onto Medical Technology stocks into 2019. Multiples are unlikely to increase meaningfully next year, but they should hold given the continued solid fundamentals and strong new product cycles, O'Brien tells investors in a research note after taking a close look at the Med Tech sector. He believes Align Technology (ALGN), Inogen (INGN) and Nuvectra (NVTR) "could provide considerable alpha to investors willing to step up to the plate and buy now." Secondly, the analyst thinks Intuitive Surgical (ISRG) and Merit Medical (MMSI) "could provide a defensive bet in volatile markets." - 10/02/18
- PIPR
10/02/18
NO CHANGETarget $72
PIPR
Overweight Merit Medical price target raised to $72 from $58 at Piper Jaffray Piper Jaffray analyst Matt O'Brien raised his price target for Merit Medical to $72 from $58 after the company announced the acquisition of Cianna Medical for $200M, with the deal expected to close in Q4 this year. The analyst is encouraged by the deal given the compelling technology in large markets that Merit Medical can geographically scale, and additionally believes that this could be the most accretive deal in recent history for the company. O'Brien reiterates an Overweight rating on the shares. - 02/11/19
- PIPR
02/11/19
NO CHANGETarget $75
PIPR
Overweight Piper sees 2018 deals pushing Merit Medical shares 'much higher' Merit Medical Systems executed four transactions, including one partnership with NinePoint, in 2018, representing capital deployed of approximately $380M, or 13% of its market capitalization, Piper Jaffray analyst Matt O'Brien tells investors in a research note. The analyst says Piper is "big fans" of the deals, with Cianna his favorite given the revenue growth outlook, along with the earnings power it could bring. Collectively he believes the acquired assets will add nearly 200 basis points to Merit Medical's organic revenue growth in 2020 and drive earnings above consensus. This will become clearer to investors in the coming quarters, "pushing shares much higher compared to current levels," says O'Brien. He keeps an Overweight rating on Merit Medical Systems with a $75 price target. - 12/17/18
- PIPR
12/17/18
NO CHANGETarget $75
PIPR
Overweight Merit Medical acquisition 'another prudent solid tuck-in,' says Piper Jaffray Piper Jaffray analyst Matt O'Brien views Merit Medical Systems' acquisition of Vascular Insights as "another prudent solid tuck-in" for the company. Vascular's assets, used for the treatment of varicose veins, complement an "already substantial" vascular portfolio and should allows Merit's "large global salesforce" to address this $700M global market, O'Brien tells investors in a research note. He reiterates an Overweight rating on the shares with a $75 price target. - $27.88
-0.73 (-2.55%) - 01/07/19
- PIPR
01/07/19
NO CHANGETarget $37
PIPR
Overweight AtriCure a 'very impressive story' that investors should own, says Piper Jaffray Piper Jaffray analyst Matt O'Brien reiterated an Overweight rating and $37 price target on AtriCure after the company reported preliminary Q4 results and 2019 revenue guidance above the Street. In a research note to investors, O'Brien states that he is "confident" in the set up for 2019 and that AtriCure is a very impressive story that he thinks investors should own in 2019. - 10/09/18
- ADAM
10/09/18
NO CHANGETarget $40
ADAM
Buy AtriCure price target raised to $40 from $37 at Canaccord Canaccord analyst Jason Mills raised his price target on AtriCure to $40 following the successful secondary offering of shares and strong preliminary Q3 results. The funds raised are earmarked to pay down debt, pursue strategic acquisitions, and bolster working capital, noted Mills, who reiterated his Buy rating on AtriCure shares. - 10/11/18
- PIPR
10/11/18
NO CHANGETarget $36
PIPR
Overweight Piper recommends starting positions in shares of AtriCure Piper Jaffray analyst Matt O'Brien says AtriCure's recent 2.5M share secondary offering cleans up the balance sheet and brings flexibility for business needs. The analyst would not be surprised to see 2018 numbers came in ahead of expectations and views the stock's current valuation as "reasonable." O'Brien encourages investors to start positions at current levels and keeps an Overweight rating on AtriCure with a $36 price target. - 08/28/18
- PIPR
08/28/18
NO CHANGEPIPR
Overweight AtriCure having success in executing its plan, says Piper Jaffray After AtriCure this morning announced completion of enrollment for Converge, Piper Jaffray analyst Matt O'Brien says the trial should "meaningfully drive awareness for stand-alone a-fib procedures." The analyst adds the timing for completing enrollment is in line with expectations and that he's encouraged by the success AtriCure is having in executing its plan. The analyst says that despite the stock's rally year-to-date, shares of AtriCure trade at a "reasonable" valuation. He sees the company's growth story accelerating in 2020 and beyond. O'Brien has an Overweight rating on the name with a $36 price target. - $14.46
-2.23 (-13.36%) - 03/05/19
- PIPR
03/05/19
NO CHANGETarget $28
PIPR
Overweight Neuronetics price target cut to $28 from $35 at Piper Jaffray Piper Jaffray analyst Matt O'Brien reiterated an Overweight rating on Neuronetics after the company reported Q4 results with revenues in line with its preannouncement. In a research note to investors, O'Brien says he expects the company's key growth drivers will help buoy results throughout the year and believes investor concerns around competitive pressures are are overstated. The analyst, who lowered his price target to $28 from $35, believes Neuronetics will continue to generate "excellent" top-line growth going forward. - 01/28/19
- PIPR
01/28/19
NO CHANGETarget $35
PIPR
Overweight Piper 'strongly' recommends buying Neuronetics after 22% selloff Shares of Neuronetics have fallen 22% this year amid concerns over the impact of competition on its financial outlook along with a delay in Japan, Piper Jaffray analyst Matt O'Brien tells investors in a research note. The analyst says he "dug in on" the competitive systems and does not believe they carry the "feature-rich characteristics" of Neuronetics' NeuroStar product. Further, he had never modeled sales in Japan in 2019 or 2020. As such, O'Brien views the competitive concerns as overdone and "strongly" recommends purchase of Neuronetics shares, which he says is a 20% plus top-line grower trading at less than three times sales. - 02/15/19
- PIPR
02/15/19
NO CHANGETarget $35
PIPR
Overweight Neuronetics preferred by high volume TMS user, says Piper Jaffray Piper Jaffray analyst Matt O'Brien is "positively inclined about" Neuronetics following a call with a high volume transcranial magnetic stimulation doctor. Although the doctor uses three TMS providers, she prefers Neuronetics as it eliminates the risk of human error and is more comfortable for the patient, O'Brien tells investors in a research note. However, her clinical network may be moving away from the NeuroStar due to cost, adds the analyst. This type of switching is an issue to monitor, but shares of Neuronetics are attractive for a 20% plus top-line grower, says O'Brien. He reiterates an Overweight rating on the shares with a $35 price target. - 02/21/19
- PIPR
02/21/19
NO CHANGETarget $35
PIPR
Overweight Piper 'strongly' recommends buying shares of Neuronetics After hosting investor meetings with management, Piper Jaffray analyst Matt O'Brien "strongly" encourages investors to buy shares of Neuronetics. He reiterates an Overweight rating on the name with a $35 price target. The analyst does not believe any other transcranial magnetic stimulation provider or other therapies will disrupt the company's ability "to grow at a robust rate going forward." One interesting part of the model that has been missed by investors is the return by responding patients to get second and third courses of TMS therapy, O'Brien tells investors in a research note. He believes this could add millions of dollars of treatment session revenue in coming years. - $14.92
-0.55 (-3.56%) - 12/13/18
On The Fly: Top five analyst initiations Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Alibaba (BABA) assumed with a Buy at Mizuho. 2. Molson Coors (TAP) and Keurig Dr Pepper (KDP) were initiated with a Buy at UBS, while PepsiCo (PEP) and Constellation Brands (STZ) were initiated with a Neutral, and Monster Beverage (MNST) and Boston Beer (SAM) were initiated with a Sell. 3. SeaSpine (SPNE) initiated with an Outperform at Wells Fargo. 4. XPO Logistics (XPO) initiated with a Buy at SunTrust. 5. Enanta (ENTA) initiated with a Hold at Berenberg. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here. - 01/02/19
- PIPR
Piper calls Wright Medical top 2019 pick in Medical Technology and Devices After interviewing industry contacts to get a sense of the orthopedic outlook for 2019, Piper Jaffray analyst Matt O'Brien believes the category will be "largely steady" with "solid" volume growth and even more extremities and sports medicine growth. The group as a whole "is cheap" with respect to valuation, which makes us optimistic, O'Brien tells investors in a research note. The analyst's top pick for next year is Wright Medical (WMGI) as he expects the company to continue taking share in healthy extremities end markets and views the stock's current valuation as attractive. For large caps, O'Brien believes Stryker (SYK) will continue to be in a share taking position, "making it a clean story for investors to get behind." - 01/07/19
- PIPR
01/07/19
NO CHANGETarget $20
PIPR
Overweight SeaSpine's FY19 guidance 'achievable if not conservative,' says Piper Jaffray Piper Jaffray analyst Matt O'Brien reiterated an Overweight rating and $20 price target on SeaSpine after the company pre-announced Q4 and 2018 revenue, with the topline ahead of the Street's expectations. In a research note to investors, O'Brien says that with the strong top-line performance in the quarter, "solid" FY19 guidance that is "achievable if not conservative," and a robust product pipeline that will help continue to drive further growth momentum in 2019, he continues to believe the turnaround execution has been impressive and expects these above market growth trends to continue. - 02/10/19
- PIPR
02/10/19
NO CHANGETarget $70
PIPR
Overweight Piper Jaffray does not believe Smith & Nephew, NuVasive deal will occur Following an article by the Financial Times that indicated Smith & Nephew (SNN) was in talks to acquire NuVasive (NUVA), Piper Jaffray analyst Matt O'Brien says he does not believe this transaction will occur as the spine market does not grow much making it less attractive than other orthopedic segments and the landscape is littered with failed spine deals. The analyst thinks investors in NuVasive should take some profit, and anticipates shares of Wright Medical (WMGI) will trade lower on Monday as the most likely suitor for them would be off the table if a NuVasive deal occurred. Finally, the analyst believes a Smith & Nephew/NuVasive combination would be positive for Globus Medical (GMED) and SeaSpine (SPNE) as they would likely take share in the category. O'Brien reiterates an Overweight rating and $ 70 price target on NuVasive's shares. - $11.66
-0.93 (-7.39%) - 02/28/19
- PIPR
02/28/19
NO CHANGETarget $20
PIPR
Overweight Nuvectra price target lowered to $20 from $25 at Piper Jaffray Piper Jaffray analyst Matt O'Brien lowered his price target on Nuvectra to $20 after its Q4 results, saying the new price target accounts for the divestiture of NeuroNexus and a modest push out of Virtis approval in his model. The analyst is also keeping his Overweight rating, noting that the company is headed for another year of increased share in the spinal cord stimulation market with expectations of adding another 15-20 reps to its sales force this year. - 01/31/19
- PIPR
01/31/19
NO CHANGETarget $25
PIPR
Overweight Nuvectra can weather management change, says Piper Jaffray Piper Jaffray analyst Matt O'Brien kept his Overweight rating and $25 price target on Nuvectra after the company announced an immediate departure of its CEO earlier today. The analyst says the company has a "suitable replacement in Dr. Parks", adding that while the abrupt resignation was surprising, he sees Nuvectra management as "capable of weathering the transition". - 01/29/19
- PIPR
01/29/19
NO CHANGETarget $25
PIPR
Overweight FDA review extension of Nuvectra's PMA application expected, says Piper Jaffray Piper Jaffray analyst Matt O'Brien kept his Overweight rating and $25 price target on Nuvectra, saying the 180-day extension of its PMA application for Virtis by the FDA is not surprising in the wake of U.S. government shutdown. While the timing of the extension is uncertain, the analyst believes that the decision will come by the end of Q1. O'Brien also cites the FDA not identifying any deficiencies or requesting any further detail on the product, which he sees as a "positive signal". - 01/07/19
- PIPR
01/07/19
NO CHANGETarget $25
PIPR
Overweight Nuvectra remains favorite microcap name at Piper Jaffray Piper Jaffray analyst Matt O'Brien continues to view Nuvectra as his favorite microcap name after the company announced preliminary Q4 revenue above the consensus estimate. Another strong quarter reflects Nuvectra's "steady share-taking" driven by a differentiated technology and an expanding salesforce, O'Brien tells investors in a research note. While no update on Virtis approval was provided, company slides still show a U.S. market entry in the first half of 2019, adds the analyst. He believes such an event could be a "meaningful catalyst" for the shares in the next couple of months. O'Brien reiterates an Overweight rating on Nuvectra with a $25 price target. |