JMP Securities analyst David Turkaly noted a few negative takeaways from Nuvectra’s Q1 earnings call, foremost among them being news that the FDA has requested additional information as part of the pending PMA application for approval of its Virtis sacral nerve stimulation product and will collect supplementary data on the biocompatibility of the device’s leads. While he believes Nuvectra shares are already trading at a depressed valuation and keeps an Outperform rating on the stock, Turkaly lowered his price target on shares to $18 to reflect the extended timeline on Virtis and his lowered 2020 sales estimate.
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