BTIG analyst Sean Lavin maintained a Buy rating on Neuronetics Inc (STIM) yesterday and set a price target of $33. The company’s shares closed yesterday at $25.63.
Lavin wrote:
“$33 PT Q3 revenue topped our estimate on both system sales and treatment sessions. Based on a number of conversations with investors, we sensed there was some concern heading into Q3 on what mix might look like (capital vs. procedure sales) and the overall sequential ramp but we feel results in the quarter confirm our view that sales expansion continues to bear fruit. On that initiative, mgmt added 4 more territories in Q3, fairly consistent with our expectations. Additionally, progress towards Japan reimbursement remains on-track with a decision on reimbursement expected in December and formal commencement in March. Until Japan commercialization begins, mgmt highlighted active preparation efforts as well as the strong level of interest among treating docs. Overall, Q3 results were strong, in our view.”
According to TipRanks.com, Lavin is a 5-star analyst with an average return of 12.4% and a 61.7% success rate. Lavin covers the Healthcare sector, focusing on stocks such as Establishment Labs Holdings Inc, Helius Medical Technologies, and Tactile Systems Technology.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Neuronetics Inc with a $36 average price target.
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The company has a one-year high of $39.39 and a one-year low of $20.70. Currently, Neuronetics Inc has an average volume of 112.3K.
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Neuronetics, Inc. commercial stage medical technology company. It focuses on designing, developing and marketing products for the patients suffering from psychiatric disorders. The firm offers NeuroStar TMS, a therapy system for the treatment of major depressive disorders in adult patients.
