|Bid||87.82 x 800|
|Ask||88.01 x 1100|
|Day's Range||84.24 - 88.52|
|52 Week Range||22.01 - 101.00|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 11, 2021 - Feb 15, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||93.80|
Smid-cap MedTech company ShockWave Medical Inc (NASDAQ: SWAV) has seen its shares appreciate over 120% year-to-date.The ShockWave Analyst: BofA Securities analyst Bob Hopkins downgraded ShockWave from Buy to Neutral, citing valuation. Given the recent appreciation in the peer group, the analyst increased the price target to $105.Related Link: The Week Ahead In Biotech: Hematology Conference Gets Underway, Vanda And BioCryst Await FDA Decisions The ShockWave Medical Thesis: BofA is very bullish on ShockWave shares and the downgrade is merely a valuation call, Hopkins said in a Tuesday note.Much of the company's long-term prospects appear to be discounted in the valuation of the shares, the analyst said.Given its market cap, the company needs to generate over $800 million in revenue in 2025 and would need to trade at 10 times its 2025 sales to drive a 20% annual return, he said. To reach that level of revenue in five years, the company should grow its revenues at a compounded annual growth rate of 60% from current levels for those five years and capture about 20% of its total addressable market by 2025, Hopkins said.In comparison, the company's stroke market reached about 15%-20% of its total addressable market in five years after the presentation of pivotal data, the analyst said. Although ShockWave could achieve those levels, the hurdle is higher for it than other medtech companies in BofA's coverage universe, he said. "We are positive on SWAV's long term prospects but are Neutral rated based on valuation and competition in the space." SWAV Price Action: At last check, ShockWave shares were down 4.73% at $93.20. Related Link: Attention Biotech Investors: Mark Your Calendar For December PDUFA Dates Latest Ratings for SWAV DateFirmActionFromTo Nov 2020Morgan StanleyMaintainsEqual-Weight Oct 2020Morgan StanleyMaintainsEqual-Weight Oct 2020Wells FargoMaintainsOverweight View More Analyst Ratings for SWAV View the Latest Analyst RatingsSee more from Benzinga * Click here for options trades from Benzinga * The Daily Biotech Pulse: Alnylam's Oxluma Snags Early FDA Approval, DBV Chief Scientific Officer To Depart, Decision Day For Liquidia * The Daily Biotech Pulse: Aquestive's Positive FDA Meeting, Prevail Awarded Patent, Neuro-Oncology Conference Gets Underway(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
SANTA CLARA, Calif., Nov. 18, 2020 (GLOBE NEWSWIRE) -- Shockwave Medical, Inc. (NASDAQ: SWAV), a pioneer in the development of Intravascular Lithotripsy (IVL) to treat complex calcified cardiovascular disease, announced today that it will be participating in the Piper Sandler 32nd Annual Virtual Healthcare Conference, scheduled to be held December 1 to 3, 2020. Shockwave's management is scheduled for a live fireside chat on Wednesday, December 2, 2020, at 8:30 a.m. Eastern Time. Interested parties may access a live and archived webcast of the event on the "Investors" section of the company’s website at https://ir.shockwavemedical.com.About Shockwave Medical, Inc. Shockwave Medical is focused on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated. The company aims to establish a new standard of care for the interventional treatment of atherosclerotic cardiovascular disease through differentiated and proprietary local delivery of sonic pressure waves for the treatment of calcified plaque, which the company refers to as Intravascular Lithotripsy (IVL). IVL is a minimally invasive, easy-to-use and safe way to significantly improve patient outcomes. To view an animation of the IVL procedure and for more information, visit www.shockwavemedical.com.Media Contact: Scott Shadiow +1.317.432.9210 firstname.lastname@example.orgInvestor Contact: Debbie Kaster email@example.com
Joining me today from ShockWave Medical are Doug Godshall, president and chief executive officer; Keith Dawkins, chief medical officer; and Dan Puckett, chief financial officer. Earlier today, ShockWave released financial results for the quarter ended September 30, 2020.