Zinger Key Points
- Penumbra could generate healthy sales and earnings growth, gaining market share in MT.
- MT’s share would rise to around 50% in DVT and about 60% in PE.
Shares of Penumbra Inc PEN recovered slightly in early trading on Tuesday, after a week of correction.
The Alameda, California-based company is likely to gain market share in the mechanical thrombectomy (MT) segment, according to Oppenheimer.
MT is a minimally invasive procedure that removes a blood clot from an artery.
Analyst Steven Lichtman initiated coverage of Penumbra with an Outperform rating and a price target of $275.
The Penumbra Thesis: The company could generate mid-teens sales growth and over 30% earnings growth, Lichtman said.
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More than 700,000 people in the U.S. currently suffer from deep vein thrombosis (DVT) and pulmonary embolism (PE). Penumbra and its peers run clinical trials “to drive awareness" of MT benefits, Lichtman stated.
"We forecast mid-to-high teens US market growth near-term," the analyst wrote. The surgeons surveyed expect MT's share to increase to around 50% in DVT and about 60% in PE over the next few years, he added.
International thrombectomy remains an upside opportunity in the near term, Lichtman further said.
Price Action: Shares of Penumbra had risen by 0.37% to $248.16 at the time of publication on Tuesday.
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