Penumbra Inc (PEN) Receives a Buy from Canaccord Genuity


Canaccord Genuity analyst Jason Mills maintained a Buy rating on Penumbra Inc (NYSE: PEN) today and set a price target of $175. The company’s shares opened today at $126.55.

Mills wrote:

“We followed up with management this morning and discerned several noteworthy details about the firm’s newest aspiration system. PEN’s newest aspiration catheter includes three critical improvements and upgrades to PEN’s own ACE 68 catheter, further distancing and differentiating PEN from the competition in clot aspiration within the acute ischemic stroke market, in our view: 1. Larger diameter – JET 7 has the largest internal diameter of any aspiration catheter ever cleared – 0.72 inner diameter compared to PEN’s previous 0.68 catheter (Ace 68) – with JET 7’s larger diameter driving a significant increase in the number of cases in which the entire is able to be aspirated almost immediately (within 1-2 minutes).”

According to TipRanks.com, Mills is a top 25 analyst with an average return of 30.9% and a 74.6% success rate. Mills covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Boston Scientific Corp, and Staar Surgical Company.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Penumbra Inc with a $163.75 average price target, representing a 29.4% upside. In a report issued on August 10, Wells Fargo also maintained a Buy rating on the stock with a $180 price target.

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The company has a one-year high of $167.35 and a one-year low of $82.30. Currently, Penumbra Inc has an average volume of 384.3K.

Based on the recent corporate insider activity of 60 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 PEN in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Penumbra, Inc. engages in the design, development, manufacture, and marketing of innovative medical devices. It focuses on developing products for use by the specialist physicians, including interventional neuroradiologists, neurosurgeons, interventional neurologists, interventional radiologists, and vascular surgeons.

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