Second Time May Be a Charm: Analyst Is Bullish As Surmodics Resubmits SurVeil DCB Application
Portfolio Pulse from Vandana Singh
Surmodics Inc has resubmitted its SurVeil drug-coated balloon premarket approval application with no new testing required. Needham upgraded the stock from Hold to Buy with a price target of $36, expecting SurVeil to be approved by the FDA sooner than previously thought.
June 13, 2023 | 6:40 pm
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POSITIVE IMPACT
Needham estimates that Abbott Laboratories can generate $18 million of sales in FY24E from the global DCB market, with $9 million going to SRDX.
Needham's estimate of Abbott Laboratories generating $18 million in sales from the global DCB market in FY24E, with $9 million going to SRDX, indicates a positive outlook for both companies. This could have a positive impact on ABT's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Surmodics resubmitted its SurVeil drug-coated balloon application, and Needham upgraded the stock to Buy with a $36 price target.
Surmodics resubmitted its SurVeil drug-coated balloon application, addressing the FDA's concerns. Needham upgraded the stock to Buy with a $36 price target, expecting the product to be approved sooner than previously thought. This positive development is likely to boost SRDX's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100