Shockwave Medical (SWAV) Patent Review, PT Raised to $207 at Piper Sandler on Incremental Opportunities
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Piper Sandler analyst Adam Maeder raised the price target on Shockwave Medical (NASDAQ: SWAV) to $207.00 (from $165.00) on the belief that too much focus is places on the U.S. coronary rollout and both the peripheral business and broader versatility of the company’s IVL (intravascular lithotripsy) technology are underappreciated by investors.
The analyst reiterated an Overweight rating, noting that the company is looking at other potential applications for its IVL technology in new adjacent markets and reviewed the company's patent filings for insight into new areas. The analyst found 3:
- The company has recently been granted a couple of patents pertaining to the design of a catheter system aimed at treating aortic stenosis.
- The company was recently awarded an international patent for a device that uses cavitation bubbles (delivered from a voltage source) and aspiration to remove thrombus from the vascular system.
- The company was awarded a U.S. patent at the beginning of '20 for a drug delivery shockwave balloon. This is interesting since the company’s IVL technology is frequently used in the SFA in combination with a DCB.
The analyst stated "the company has talked about its commitment to further refining and improving the technology. We found two recently approved patents focused on improving the crossability of the device. We believe if SWAV can make the device more crossable it would likely result in even faster adoption in commercial practice".
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