Piper Jaffray analyst Matt O’Brien lowered his price target for Intersect ENT to $40 from $45 after the company missed Q2 revenues and reduced full year 2018 guidance. Essentially, the disappointment in the quarter and for the outlook this year is the company’s key new SINUVA product, which is ramping slower than expected due to reimbursement processing issues, he notes. Although this is disappointing and there is no guarantee that more road bumps in the launch will not pop up, the analyst still believes utilization will be quite strong and growth in 2019 and beyond will be among the best in small cap med tech. O’Brien reiterates an Overweight rating on the shares.
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