Spectranetics (SPNC): Early Read On Upcoming Data At TCT - Piper Jaffray
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Piper Jaffray analyst, Brooks West, reiterated his Overweight rating on shares of Spectranetics (NASDAQ: SPNC) after attending a presentation of final 12-month results of the ILLUMENATE European randomized clinical trial for the Stellarex drug-coated balloon at the Amputation Prevention Symposium in Chicago. The data validate the strong results from the earlier ILLUMENATE series and he believes provide a positive read on US Pivotal data to be presented at TCT this coming October. The data continues to validate Stellarex as a potential best-in-class device that offers comparable efficacy to Medtronic’s In.PACT Admiral DCB but with a significantly lower dosing of paclitaxel (2 micrograms per mm vs. MDT’s 3.2mm). He believes that once approved, physicians will no longer have to choose between best clinical efficacy (In.PACT) or best safety profile (Lutonix, which also has a 2 microgram coating) as Stellarex looks to offer a combination of best-in-class clinical efficacy and safety.
No change to the price target of $26.00
Shares of Spectranetics closed at $23.68 yesterday.
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