U.S. Markets closed
  • S&P Futures

    3,680.50
    +10.50 (+0.29%)
     
  • Dow Futures

    29,432.00
    +89.00 (+0.30%)
     
  • Nasdaq Futures

    11,352.75
    +36.50 (+0.32%)
     
  • Russell 2000 Futures

    1,669.70
    +7.20 (+0.43%)
     
  • Crude Oil

    76.75
    +0.04 (+0.05%)
     
  • Gold

    1,633.90
    +0.50 (+0.03%)
     
  • Silver

    18.39
    -0.09 (-0.51%)
     
  • EUR/USD

    0.9621
    +0.0009 (+0.0962%)
     
  • 10-Yr Bond

    3.8780
    +0.1810 (+4.90%)
     
  • Vix

    32.26
    +2.34 (+7.82%)
     
  • GBP/USD

    1.0750
    +0.0067 (+0.6246%)
     
  • USD/JPY

    144.4400
    -0.2400 (-0.1659%)
     
  • BTC-USD

    19,221.73
    +419.32 (+2.23%)
     
  • CMC Crypto 200

    441.61
    +8.51 (+1.96%)
     
  • FTSE 100

    7,020.95
    +2.35 (+0.03%)
     
  • Nikkei 225

    26,431.55
    0.00 (0.00%)
     

Citing 'Lightning Fast Growth,' Needham Upgrades This Vascular Device Company

·1 min read
  • Needham upgraded Penumbra Inc (NYSE: PEN) to Buy from Hold, with a price target of $244.

  • The analyst notes that management indicated PEN is seeing stronger growth in 3Q22 due to an improvement in hospital staffing, share gains, or a combination of these.

  • Penumbra recently announced European approval for RED Reperfusion Catheters, which are part of the company's Penumbra System, a fully integrated mechanical aspiration thrombectomy system designed to restore blood flow in acute ischemic stroke patients.

  • Related: With Sustained Double-Digit Growth Profile, RBC Starts Coverage On This MedTech Stock.

  • The analyst believes the international RED catheter launches should help to drive faster stroke growth as soon as 4Q22.

  • Needham also writes that the upcoming intelligent aspiration launches should drive faster growth starting in 2023.

  • In its Neuro business, PEN plans to launch Thunderbolt in 2H23 after it completes its THUNDER IDE trial, which is now underway.

  • In its Vascular business, the company plans to launch its Lightning Flash and Lightning Bolt products in 2023, which are new versions of its intelligent aspiration system.

  • The analyst expects the Lightning systems to drive growth through increased thrombectomy market penetration and market share gains.

  • Price Action: PEN shares are up 2.62% at $202.67 on the last check Friday.

Latest Ratings for PEN

Date

Firm

Action

From

To

Mar 2022

Needham

Initiates Coverage On

Hold

Feb 2022

Citigroup

Maintains

Buy

Feb 2022

JP Morgan

Maintains

Overweight

View More Analyst Ratings for PEN

View the Latest Analyst Ratings

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.