JMP Securities analsyt David Turkaly reiterated his Market Outperform rating and $105 price target on Nevro Corp (NYSE: NVRO) following daTuesday’s tentative ruling in the NVRO/BSX patent case.
Turkaly said while they are not legal experts, some of the language appears to question the validity of some of NVRO’s intellectual property being considered in the case.
“Specifically, it appears that the Court has pointed out potential issues with nonparesthesia producing language and with software and/or the programming aspect being the inventive concept,” he notes.
The analyst reiterated that this is not a final judgement and notes both companies have until July 11th to file post-hearing briefs. They note NVRO has been successful in defending its IP in the past (including in 2015 when the BTAP did not institute an inter partes review for any of the BSX challenged claims).
“Subject to further information and due diligence, we remain at a Market Outperform rating,” he concluded.
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