In a report released today, Suraj Kalia from Northland Securities maintained a Hold rating on Irhythm Technologies (NASDAQ: IRTC), with a price target of $60. The company’s shares opened today at $92.63, close to its 52-week high of $98.23.
Kalia observed:
“We ask, why couldn’t wearables-based AFib monitoring increase AF detection yield, either automatically recording an event and transmitting it over the cloud, or for that matter a patient could intervene and actually record the event? The real-time cellular network simply eliminates the whole back-end reading and technical component issues. Could it even be possible that the whole reimbursement issue becomes a moot point? The whole notion of a 30-second span for detection of an AF episode is, in our opinion, simply based on the algorithm set in the Watch. Extending the duration of monitoring is simply a software change (obviously battery consumption increases). As we noted in our IRTC initiation report, almost all AECG’ use R-R wave analysis. So there is nothing unique about the algo’s.”
According to TipRanks.com, Kalia is a 5-star analyst with an average return of 15.8% and a 62.8% success rate. Kalia covers the Healthcare sector, focusing on stocks such as Obalon Therapeutics Inc, Apollo Endosurgery Inc, and Edwards Lifesciences.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Irhythm Technologies with a $93.20 average price target.
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The company has a one-year high of $98.23 and a one-year low of $46.95. Currently, Irhythm Technologies has an average volume of 328.5K.
Based on the recent corporate insider activity of 37 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 IRTC in relation to earlier this year.
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iRhythm Technologies, Inc. is a commercial-stage digital healthcare company, which engages in the development of monitoring and diagnostic solutions for detection of cardiac arrhythmias. It also offers ZIO Service that has proprietary algorithms that distill data from millions of heartbeats into clinically actionable information.
