BTIG analyst Marie Thibault has reiterated their bullish stance on IRTC stock, giving a Buy rating on November 16.
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Marie Thibault’s rating is based on a combination of factors that suggest minimal risk to Irhythm Technologies despite recent proposed local coverage determinations (LCDs) by Medicare Administrative Contractors (MACs). The proposed changes, which were initially thought to affect only mobile cardiac telemetry, appear to broadly apply to all ambulatory cardiac monitoring devices. However, these proposals contain inaccuracies and are expected to undergo significant revisions before being finalized.
Thibault believes that the draft policies will be modified to better align with industry standards and accurately define the various ambulatory cardiac monitoring technologies. She anticipates that the final versions will not significantly alter coverage criteria, allowing physicians to continue prescribing Irhythm’s Zio devices without disruption. The Buy rating is supported by a valuation based on projected revenue estimates, indicating confidence in the company’s financial outlook.
In another report released on November 16, Citi also maintained a Buy rating on the stock with a $242.00 price target.
Based on the recent corporate insider activity of 58 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 IRTC in relation to earlier this year.