William Blair Maintains Outperform On Cyberonics Following Unimpressive Results From NECTAR-HF

In a research report issued yesterday, William Blair analyst Matthew O’Brien maintained an Outperform rating on Cyberonics (NASDAQ:CYBX), no price target provided. This report followed the presentation of preliminary results from the Cyberonics-sponsored ANTHEM-HF (Autonomic Neural Regulation Therapy to Enhance Myocardial Function in Heart Failure) trial, which were presented at the ongoing European Society of Cardiology (ESC) Congress. 

O’Brien explained, “We note that while both LVEF and LVESV are important endpoints, LVEF is used explicitly in the indications for use for implantable defibrillators, and therefore is a key metric (and perhaps more important, in our view, than LVESV) in a physician’s implantable device treatment decision. Still, the company plans to continue to monitor LVESV in the extended follow-up and hopes to see an improvement in this metric longer term. As far as other potential issues, there were three deaths that were cited in the trial, though these do not appear to be related to any sort of VNS device malfunction. Other side effects were voice alteration, hoarseness, and cough, all of which are side effects that are cited with the product when used for the treatment of epilepsy, and therefore not overly concerning, in our view. “

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Matthew O’Brien has a total average return of -9.2% and a 16.7% success rate. O’Brien has a -9.3% average return when recommending CYBX, and is ranked #3011 out of 3253 analysts.


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