Mike Kratky, an analyst from Leerink Partners, reiterated the Buy rating on Penumbra. The associated price target is $327.00.
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Mike Kratky has given his Buy rating due to a combination of factors that highlight Penumbra’s strong commercial position and growth potential. The company reported better-than-expected worldwide sales, driven by impressive growth in its VTE segment, particularly in the US, where the VTE business saw a 42% year-over-year increase. This momentum is complemented by the expansion of Penumbra’s sales force, which is expected to boost its historically slower-growing Embolization and Access (E&A) business.
Additionally, the launch of the Ruby XL embolization coil is anticipated to further enhance sales, and the company has raised its FY25 sales guidance, indicating confidence in its future performance. The upcoming topline readout of the STORM-PE study and the expected approval of the Thunderbolt device in the second half of the year are seen as potential catalysts for further growth. Overall, Kratky’s positive outlook is supported by these strategic developments and Penumbra’s ability to exceed sales expectations, reinforcing the Buy rating.
In another report released yesterday, Canaccord Genuity also reiterated a Buy rating on the stock with a $350.00 price target.