-
Shares of Nevro Corp (NYSE: NVRO) have appreciated 77.14 percent year to date, shooting up almost to their 52 week high on the morning of December 14.
-
J.P. Morgan’s Michael Weinstein has reiterated an Overweight rating on the company, while raising the price target from $67 to $80.
-
Weinstein has become more bullish on the stock over the past two weeks, given the various developments at the company.
Analyst Michael Weinstein mentioned that the bullish stance on the company, was based on “starting with the IPR decision, followed by the approval of a Senza-specific pass-through payment from CMS, and culminating with Friday’s and Saturday’s sessions and all of our meetings at NANS.”
With regard to NANS, Weinstein stated that clinician feedback suggests that uptake and utilization has been robust in the U.S., with Nevro not only making meaningful inroads into the market, but the market itself accelerating due to the availability of Senza in the U.S. and Nevro’s results.
The U.S. pivotal trial results, expected in 24 months, continue to appear very strong, while discussions regarding the outcomes, paresthesia and pain relief have all clearly shifted in favor of Nevro.
Meetings with management revealed incrementally positive items, such as “(1) management’s salesforce plans for 2016, (2) last week’s announcement of CMS pass-through reimbursement for Senza outpatient use, and (3) an increase in high-quality sales rep interest following the IPR win and the CMS reimbursement decision,” Weinstein added.
Latest Ratings for NVRO
| Nov 2015 | Leerink Swann | Maintains | Outperform | |
| Sep 2015 | BMO Capital | Initiates Coverage on | Outperform | |
| Jun 2015 | JP Morgan | Maintains | Overweight |
View More Analyst Ratings for NVRO
View the Latest Analyst Ratings
See more from Benzinga
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.