Spectranetics (SPNC): Clinical Data Slightly Better Than Expected - UBS
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UBS analyst, Matt Miksic, reiterated his Buy rating on shares of Spectranetics (NASDAQ: SPNC) after the results of the company's European randomized controlled trial (RCT) evaluating the Stellarex drug-coated balloon (DCB) were slightly better than the interim results presented in June, and very comparable and competitive with a similar study evaluating Medtronic's market-leading In.Pact Admiral balloon. The analyst expects this data to position Stellarex to capture 25-30% of the rapidly growing DCB market over time, which equates to ~$260 mil in 2020.. Given the barrier to entry afforded the company by robust RCT data and the forthcoming PMA filing later this year (FDA approval expected 2H17), the analyst expects Stellarex to remain the predominant value driver for the stock over the next 12-18 months.
No change to the price target of $30.00
Shares of Spectranetics closed at $23.68 yesterday.
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