Analyst Travis Steed from Bank of America Securities maintained a Buy rating on Boston Scientific (BSX – Research Report) and keeping the price target at $115.00.
Travis Steed has given his Buy rating due to a combination of factors that highlight Boston Scientific’s promising growth prospects. One significant reason is the initiation of a new clinical trial for the AGENT Drug-Coated Balloon (DCB), which could potentially expand its application beyond in-stent restenosis to include small vessel disease bifurcation lesions and some cases of acute coronary syndrome. This expansion could significantly increase the market opportunity for AGENT, which is currently valued at $500 million worldwide but has the potential to grow to $1 billion with these new indications.
Additionally, recent positive developments in reimbursement for AGENT further support the Buy rating. The Centers for Medicare & Medicaid Services (CMS) approved the new technology add-on payment for AGENT, which will enhance its financial viability in both inpatient and outpatient settings starting in 2025. These strategic advancements, along with Boston Scientific’s ongoing investment in its product pipeline, reinforce the company’s double-digit revenue growth outlook, making it an attractive investment opportunity.
In another report released on April 27, Wells Fargo also maintained a Buy rating on the stock with a $118.00 price target.
Based on the recent corporate insider activity of 130 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BSX in relation to earlier this year.