B. Riley starts Inogen with Buy, says ‘deeply undervalued’

B. Riley analyst Anderson Schock last night initiated coverage of Inogen (INGN) with a Buy rating and $14 price target Inogen is a global leader in portable oxygen therapy, targeting chronic obstructive pulmonary disease patients, the analyst tells investors in a research note. The firm says the company’s portable oxygen concentrators convert ambient air into medical-grade oxygen, allowing for greater patient mobility than traditional oxygen tanks. It believes Inogen represents a “compelling turnaround story” following a management transition in Q4 of 2023 focused on reducing friction among sales channels and on cost management strategies to drive sustainable and profitable growth. Riley views Inogen “deeply undervalued” and is encouraged by the company’s turnaround momentum and five consecutive quarters of beating the Street’s estimates.