Needham Maintains a Buy Rating on Atricure (ATRC)

In a report released today, Michael Matson from Needham maintained a Buy rating on Atricure (NASDAQ: ATRC), with a price target of $39. The company’s shares closed yesterday at $30.01.

Matson wrote:

“ATRC announced on 8/28/18 that it had completed enrollment in its CONVERGE pivotal trial. The one-year follow-up period should be completed in 3Q19 and we expect a subsequent decision by the FDA on an atrial fibrillation (AF) indication for ATRC’s Convergent hybrid ablation procedure in late 2020 or early 2021. Given single-center data from Emory and public comments by the principal investigator, we think it is likely that CONVERGE meets its primary endpoints. Convergent could be the first product to obtain an FDA clearance to treat the large persistent and long-standing persistent AF population. If approved, we believe that Convergent could significantly accelerate ATRC’s growth and estimate that it could be worth $19 per share.”

According to TipRanks.com, Matson is a 5-star analyst with an average return of 11.4% and a 60.2% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.

Currently, the analyst consensus on Atricure is a Strong Buy with an average price target of $35.80, representing a 19.3% upside. In a report released yesterday, Piper Jaffray also maintained a Buy rating on the stock with a $36 price target.

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The company has a one-year high of $36.49 and a one-year low of $14.88. Currently, Atricure has an average volume of 209.6K.

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AtriCure, Inc. engages provision of treatment of atrial fibrillation and left atrial appendage. It operates through the following geographical segments: United States, Europe, Asia, and Other International.