Stock on the Rise: Does Avinger Inc (AVGR) Move to the Right Direction?
Avinger Inc (NASDAQ:AVGR) shares jumped over 30% in pre-market trading Thursday, after the company presented positive two-year clinical data from the pivotal VISION study, which was designed to evaluate the safety and effectiveness of Avinger’s Pantheris™ system, at the Leipzig Interventional Course (LINC) in Leipzig, Germany.
Canaccord analyst Jason Mills points out that the two-year results demonstrated Pantheris’ ability to deliver long-term, durable outcomes in ABK PAD, and believes that these data could be the catalyst to turn momentum positive for Avinger.
“AVGR has had its fair share of hiccups as a public company, but outstanding two-year data from the VISION trial, just presented at LINC in Leipzig, Germany, validated why we think the Lumivascular atherectomy platform is the preeminent next-generation PAD interventional technology on the market, deserving of serious interest from strategic acquirers and investors alike. We recognize the firm will need to raise additional capital to fund expansion of the business in the medium term, but we think these data – coupled with recent partnerships and upcoming product milestones (discussed later in this report) – could enhance its attractiveness to both of the aforementioned constituencies,” Mills noted.
As such, Mills reiterated a Buy rating on Avinger, with a price target of $5.00, which implies an upside of 117% from last closing price.
According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Mills has a yearly average return of 2.2% and a 53.2% success rate. Mills has a -49.9% average return when recommending AVGR, and is ranked #1185 out of 4378 analysts.
As of this writing, the 3 analysts polled in the past 12 months rate Avinger stock a Buy. With a return potential of 175%, the stock’s consensus target price stands at $6.33.
Stocks covered by top performing analysts can be found here.