In a report released today, Suraj Kalia from Northland Securities maintained a Hold rating on Nevro (NYSE: NVRO), with a price target of $55. The company’s shares closed yesterday at $59.55.
Kalia noted:
“We confess we are somewhat confused. Our read of the final ruling issued by Judge Chhabria does not lend us to the same conclusions as indicated by Nevro. But then again, we are not patent attorneys. Interestingly enough, the recent letter that BSX has sent out to physicians reads quite differently from Nevro’s press release. The BSX letter sent out to clinicians seems to indicate that: 1) Court did not uphold “any” of Nevro’s claim of the court precluding BSX from development of unspecified future commercial products was false. As far as we know, Boston Scientific did not issue a joint press release, and what was privately agreed upon between the two parties is unclear to us. What our field checks do tell us is that BSX’ Wavewriter is seeing a rapid uptick in adoption in the U.S.”
According to TipRanks.com, Kalia is a 5-star analyst with an average return of 15.5% and a 61.8% success rate. Kalia covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Obalon Therapeutics Inc, and Apollo Endosurgery Inc.
Currently, the analyst consensus on Nevro is a Moderate Buy with an average price target of $76.75.
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The company has a one-year high of $94.34 and a one-year low of $35.41. Currently, Nevro has an average volume of 971.4K.
Based on the recent corporate insider activity of 42 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 NVRO in relation to earlier this year. Last month, Doug Alleavitch, the VP, Quality of NVRO bought 1,500 shares for a total of $80,550.
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Nevro Corp. engages in the provision of medical devices. It develops and commercializes senza spinal cord stimulation system, an evidence-based neuromodulation platform for the treatment of chronic pain. The company was founded by Konstantinos Alataris in March 2006 and is headquartered in Redwood City, CA.
