Piper Jaffray Remains Bullish on Novadaq Technologies (NVDQ) After Speaking with Abstract's Lead Author Dr. Welton

Piper Jaffray maintains an Overweight rating and $19 price target on Novadaq Technologies (NASDAQ: NVDQ) after speaking with SPY abstract presentation lead author Dr. Mark Welton. Shares of NVDQ have been weak following the presentation. Dr. Welton says that there may have been study errors related to non-SPY arm.

Analyst Matt O'Brien commented, "Shares of NVDQ have been weak in recent days following the presentation of an abstract at ASCRS indicating no benefit to anastomotic leaks for patients where the company’s technology was used compared to no imaging assistance in another cohort of patients. We had an opportunity to speak with the abstract’s lead author, Dr. Mark Welton, and he indicated that the SPY technology caught a meaningful number of leaks and that the non-SPY arm leak rate was abnormally low compared to typical results, which suggests study error. Further, Dr. Welton noted that he is a huge proponent of NVDQ’s technology and that a majority of the surgeons in his department are using it in every case."

For an analyst ratings summary and ratings history on Novadaq Technologies click here. For more ratings news on Novadaq Technologies click here.

Shares of Novadaq Technologies closed at $9.76 yesterday.

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