Oppenheimer Starts Silk Road Medical (SILK) at Outperform, 'TCAR Fundamentally Better'

Oppenheimer analyst Suraj Kalia initiates coverage on Silk Road Medical (NASDAQ: SILK) with a Outperform rating and a price target of $30.00.

The analyst comments "We are initiating coverage of Silk Road Medical with an Outperform rating/12-18-month PT of $30. SILK has pioneered the TCAR hybrid approach to carotid stenting for stroke prophylaxis in patients with carotid stenosis. Post-PMA approval in 2015, SILK has seen a strong four-year revenue CAGR at 42%, with current annualized sales of ~$182M and market share at ~15%. CMS's July 2023 NCD proposal creating reimbursement parity between TCAR and an alternative approach has come as a shock, causing some downward adjustments in SILK's outlook. Our due diligence suggests a short-term impact, but longer-term fundamentals still favor TCAR, hence our constructive stance."

For an analyst ratings summary and ratings history on Silk Road Medical click here. For more ratings news on Silk Road Medical click here.

Shares of Silk Road Medical closed at $19.69 yesterday.

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