In a report released yesterday, William Plovanic from Canaccord Genuity maintained a Buy rating on Penumbra, with a price target of $350.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
William Plovanic has given his Buy rating due to a combination of factors that highlight Penumbra’s strategic initiatives and growth potential. One key factor is the company’s investment in a specialized sales force for peripheral embolization, which is expected to bolster sales and support the growth of its coil products. This move reflects Penumbra’s commitment to expanding its market presence and enhancing its sales capabilities.
Additionally, Penumbra’s neurointerventional segment is gaining traction, with its existing RED 72 product outperforming market expectations. The anticipation surrounding the FDA review of the THUNDERBOLT product and the promising data from the THUNDER trial further underscore the company’s potential for growth. Furthermore, Penumbra’s focus on market access and innovation in the peripheral vascular space, particularly with its STORM-PE trial, positions the company well to capture additional market share and drive future growth. These strategic efforts collectively contribute to Plovanic’s positive outlook on Penumbra’s stock.
According to TipRanks, Plovanic is a 4-star analyst with an average return of 3.1% and a 44.79% success rate. Plovanic covers the Healthcare sector, focusing on stocks such as CVRx, TransMedics Group, and TriSalus Life Sciences.
In another report released today, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $280.00 price target.