Analyst Patrick Wood of Morgan Stanley maintained a Buy rating on Irhythm Technologies, retaining the price target of $195.00.
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Patrick Wood’s rating is based on several compelling factors highlighted in the AMALFI trial results for Irhythm Technologies. The trial demonstrated a high compliance rate with the Zio device, as participants wore it for nearly the full 14-day period, indicating ease of use and validating the at-home monitoring model. This is particularly significant as the trial was conducted remotely without physical study sites, showcasing the effectiveness of the Zio system in real-world settings.
Additionally, the trial revealed a higher rate of AFib diagnosis among participants using the Zio device compared to the control group, suggesting a superior diagnostic yield. The time to diagnosis was also significantly reduced, with the Zio group achieving a median diagnosis time of 103 days compared to 530 days in the control arm. This faster diagnosis could have substantial implications for clinical outcomes, particularly in reducing stroke rates. These factors collectively support a positive outlook for Irhythm Technologies, justifying the Buy rating.
In another report released on August 28, Needham also reiterated a Buy rating on the stock with a $193.00 price target.
Based on the recent corporate insider activity of 55 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.