SVB Leerink Believes ShockWave Is Well-Positioned In Calcified Cardiovascular Market

SVB Leerink has initiated the coverage of ShockWave Medical Inc SWAV with an Outperform rating and a $208 price target, implying an upside of approximately 25%.
The analyst Danielle Antalffy notes that the Company represents a top growth profile SMID-cap MedTech Company with a 5-year revenue CAGR of 56.6% over 2020A-2025 with sustained net profitability in 2022-beyond.
Antalffy believes that with its Intravascular Lithotripsy (IVL) System, ShockWave is well-positioned to address the calcified occlusive cardiovascular market opportunity, which is at about $5.5B globally.
The U.S. launch of coronary IVL catheter is the key growth driver and primary source of upside.
In February, the FDA cleared the IVL system to treat severely calcified coronary artery plaques.
The device uses a balloon to deliver sonic pressure waves that can pass through soft arterial tissue to disrupt calcified plaque and optimize stent placement.
Recently, data from Disrupt PAD III trial was published in the Journal of the American College of Cardiology: Cardiovascular Interventions.
The finding exhibited that vessel preparation with IVL before drug-coated balloon effectively facilitates endovascular treatment of artery calcification in peripheral arterial disease patients.
Price Action: SWAV shares are down 3.68% at $165.31 during the market session on the last check Thursday.