Oppenheimer Remains Bullish After Traveling with Endologix (ELGX)
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Oppenheimer reiterated an Outperform rating and $15.00 price target on Endologix (NASDAQ: ELGX) after traveling with management to several investor meetings. Management continues to target having the additional data sets asked for by FDA for the PMA filing in December. Management also looks to drive continued share gains with a larger sales force post-Trivascular, cross-selling of the product portfolio, ongoing launch of AFX2, completion of Ovation certification by all sales reps and the launch of Nellix in the US.
Analyst Steven Lichtman commented, "We recently traveled with ELGX in a series of investor meetings. Over the near-tomedium term, ELGX's focus is on taking share in the $1.5B worldwide endovascular abdominal aortic aneurysm (AAA) market through its broad product portfolio (AFX, Ovation, Nellix). Over the medium-to-long term, ELGX's aim is to expand the market through its pipeline of devices to address complex AAAs. The next visibility catalyst on Nellix timing remains mid-1Q when FDA likely finalizes its decision on a panel. In the meantime, management anticipates Trivascular's Ovation device to get increased near-term attention from the newly constituted (and expanded) salesforce. Positive Ovation data were presented last week. While the next product catalysts are in '17, the full pipeline remains a long-term differentiator in our view."
Shares of Endologix closed at $12.74 yesterday.
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