Canaccord analyst William Plovanic weighed in today with an optimistic view on EnteroMedics Inc (NASDAQ:ETRM), following the company’s recent second-quarter results and a presentation at the Canaccord Global Growth Conference. The analyst maintained a Buy rating on shares of ETRM with a $2.50 price target, which implies an upside of 1119% from current levels.
Plovanic wrote, “We are encouraged by the initial commercialization progress with 51 centers certified and 77 surgeons trained on the procedure. These metrics are tracking ahead of management guidance and our expectations which called for 30 certified sites by YE2015 previously. Additionally, EnteroMedics provided color regarding its DTC campaigns and educational webinars to drive patients to vBloc Therapy. Lastly, EnteroMedics has expanded access to the procedure through financing options and reimbursement support.”
“Net, net we are encouraged by the early commercialization progress and believe the strong physician adoption shows that there is broad interest from physicians and bariatric centers to incorporate vBloc as a treatment option for bariatric patients,” the analyst added.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst William Plovanic has a total average return of 11.6% and a 58.5% success rate. Plovanic has a -11.1% average return when recommending ETRM, and is ranked #128 out of 3737 analysts.