Avinger (AVGR – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Swayampakula Ramakanth from H.C. Wainwright maintained a Buy rating on the stock and has a $5.00 price target.
Swayampakula Ramakanth has given his Buy rating due to a combination of factors surrounding Avinger’s business developments and financial updates. Despite a reported net loss and revenue shortfall in the 4Q23 financial results, Ramakanth recognizes the strategic partnership with Zylox-Tonbridge, which provided a significant upfront payment, bolstering Avinger’s cash position. This positions the company to sustain its operations into the foreseeable future. Additionally, the anticipation of new products like the Pantheris LV atherectomy system and the Tigereye ST CTO-crossing device, which have demonstrated promising early adoption, is expected to drive revenue growth post their full commercial launch.
Moreover, Ramakanth’s optimism is fueled by Avinger’s focus on expanding its product offerings into the coronary application field, with expected advancements and regulatory filings that could further diversify and strengthen the company’s portfolio. The strategic partnership with Zylox-Tonbridge not only opens up manufacturing and commercial opportunities in the Greater China region but also brings potential for improved gross margins and additional revenue streams in the coming years. These factors collectively underpin Ramakanth’s Buy rating, as he sees potential for substantial growth and financial improvement for Avinger in the medium to long term.
Ramakanth covers the Healthcare sector, focusing on stocks such as Vericel, Corcept Therapeutics, and EKSO BIONICS. According to TipRanks, Ramakanth has an average return of -1.6% and a 33.47% success rate on recommended stocks.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Avinger (AVGR) Company Description:
Avinger, Inc. manufactures catheter devices used to treat vascular diseases. It designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral artery disease. Its products include Pantheris, Lightbox, Ocelot, Ocelot MVRX, Ocelot PIXL, Pantheris, Wildcat, Juicebox and Kittycat 2. The company offers its products to interventional cardiologists, vascular surgeons, and interventional radiologists. Avinger was founded by John B. Simpson and Himanshu N. Patel on March 8, 2007 and is headquartered in Redwood City, CA.
Read More on AVGR:
