Wells Fargo analyst Larry Biegelsen has maintained their bullish stance on NARI stock, giving a Buy rating today.
Larry Biegelsen has given his Buy rating due to a combination of factors including Inari Medical’s reiteration of its 2024 sales guidance and the company’s aim for sustainable profitability in the first half of 2025. Despite a slowdown in US venous sales growth in Q4, the management has maintained confidence in achieving robust market growth with no change in their underlying view. Furthermore, the company’s outlook is bolstered by the expected contribution from both US and international venous thromboembolism (VTE) markets as well as emerging therapies.
Additionally, Biegelsen’s optimistic stance is supported by the anticipated presentation of the PEERLESS study data at a major cardiovascular meeting in the second half of 2024 and the planned relaunch of an updated Artix device. While acknowledging the wider than expected loss in Q4 and a civil investigation demand (CID) from the DOJ, Biegelsen notes that such CIDs are relatively common and the company does not foresee a material impact on sales. The analyst appears to weigh these temporary challenges against the company’s long-term growth prospects and strategic initiatives, leading to the Buy rating for Inari Medical’s stock.
In another report released today, Needham also maintained a Buy rating on the stock with a $72.00 price target.
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Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NARI in relation to earlier this year.
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Inari Medical (NARI) Company Description:
Inari Medical Inc is a medical device company focused on developing products to treat patients suffering from venous diseases. Its product portfolio includes ClotTriever, for the removal of the clot from peripheral blood vessels and treats patients suffering from deep vein thrombosis. The FlowTreiver product is used for the treatment of pulmonary embolism. Geographically, the company has its presence across the United States.
Read More on NARI:
- Inari Medical to Announce Fourth Quarter and Full Year 2023 Financial Results
- Inari Medical initiated with a Buy at Needham
- Inari Medical Announces Preliminary 2023 Revenue and 2024 Guidance
- Inari Medical sees FY24 revenue $580M-$595M, consensus $583.07M
- Inari Medical sees 2023 revenue at least $493.5M, consensus $491.37M
