Wells Fargo analyst Larry Biegelsen has maintained their bullish stance on PEN stock, giving a Buy rating on January 30.
Larry Biegelsen has given his Buy rating due to a combination of factors surrounding the recent developments at Penumbra. The FDA’s clearance of Penumbra’s updated Lightning Flash 2.0 for treating deep vein thrombosis and pulmonary embolism is a significant milestone. This development is part of a broader strategy, where Penumbra expects to introduce four novel computer-assisted vacuum thrombectomy devices over the next 12 to 18 months, indicating a strong product pipeline that could drive future growth.
Furthermore, the improvements in the Lightning Flash 2.0, particularly the software enhancements, are poised to refine the device’s performance by better discerning fluid pressure and detecting clots. Such technological advancements are anticipated to not only improve procedural speed but also reduce blood loss, thereby enhancing overall patient outcomes. These developments support Biegelsen’s positive outlook on Penumbra’s stock, as they suggest a competitive edge in the market and potential for increased adoption of Penumbra’s products in clinical settings.
Biegelsen covers the Healthcare sector, focusing on stocks such as Johnson & Johnson, Bausch + Lomb Corporation, and Boston Scientific. According to TipRanks, Biegelsen has an average return of 11.8% and a 60.13% success rate on recommended stocks.
In another report released on January 30, Truist Financial also maintained a Buy rating on the stock with a $300.00 price target.
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Penumbra (PEN) Company Description:
Penumbra, Inc. engages in the design, development, manufacture, and marketing of innovative medical devices. It offers thrombectomy, embolization, access, neurosurgical tools, ruby coil system, lantern, penumbra occlusion device (POD) system, packing coil, and indigo systems products. Its target markets include interventional neuroradiologists, neurosurgeons, and interventional neurologists; and interventional radiologists, vascular surgeons, and interventional cardiologists. The company was founded by Arani Bose and Adam Elsesser on June 21, 2004 and is headquartered in Alameda, CA.
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