William Plovanic, an analyst from Canaccord Genuity, maintained the Buy rating on TransMedics Group (TMDX – Research Report). The associated price target was raised to $129.00.
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 including strong growth trends in the transplant market, particularly in the heart and liver segments. The April data from UNOS indicates a robust increase in heart and DCD liver transplants, with heart transplants showing a 6% month-over-month growth and DCD liver transplants experiencing a 9% increase. These trends are significant as they highlight the growing adoption of TransMedics Group’s OCS System, especially in the DCD liver market, which has historically driven growth.
Additionally, the year-over-year growth figures are impressive, with DCD liver transplants up by 82% and DCD heart transplants increasing by 68%. These positive trends in the transplant market suggest a favorable environment for TransMedics Group’s products, supporting Plovanic’s optimistic outlook on the company’s stock. Despite a slight decline in lung transplants, the overall market dynamics and the company’s position in the heart and liver segments underpin the Buy rating.
Plovanic covers the Healthcare sector, focusing on stocks such as TransMedics Group, Tandem Diabetes Care, and Atricure. According to TipRanks, Plovanic has an average return of 3.8% and a 45.74% success rate on recommended stocks.
In another report released on May 9, Oppenheimer also maintained a Buy rating on the stock with a $130.00 price target.