Analyst Larry Biegelsen of Wells Fargo maintained a Buy rating on Penumbra (PEN – Research Report), retaining the price target of $315.00.
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Larry Biegelsen has given his Buy rating due to a combination of factors that highlight Penumbra’s potential for growth. One of the primary reasons is the anticipated impact of the STORM-PE trial, which is expected to be a significant catalyst for the company. The trial aims to demonstrate the superiority of Penumbra’s Lightning Flash device over traditional anti-coagulant treatments for pulmonary embolism (PE), potentially transforming the treatment landscape and increasing intervention rates among the 90% of PE patients currently not receiving mechanical thrombectomy. This shift could drive substantial growth for Penumbra in the PE market, where the company already holds a near 50% market share.
Additionally, Penumbra’s management has expressed confidence in achieving a 12-14% revenue growth in 2025, with underlying growth rates excluding China projected at 16-18%. The company’s vascular thrombectomy segment is expected to be a major growth driver, with ongoing market penetration and share gains in deep vein thrombosis (DVT) and PE. Furthermore, the introduction of the Thunderbolt device is seen as a potential game changer, offering opportunities for price increases and market share expansion, which could contribute an additional 100-200 basis points to overall growth. These factors collectively support Biegelsen’s positive outlook on Penumbra’s stock.
According to TipRanks, Biegelsen is a 5-star analyst with an average return of 8.8% and a 58.60% success rate. Biegelsen covers the Healthcare sector, focusing on stocks such as Dexcom, Abbott Laboratories, and Medtronic.
In another report released on May 15, Bank of America Securities also maintained a Buy rating on the stock with a $320.00 price target.
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