UPDATE: JPMorgan Downgrades Actus Medical (AFIB) to Neutral
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JPMorgan analyst Robbie Marcus downgraded Actus Medical (NASDAQ: AFIB) from Overweight to Neutral with a price target of $19.00 (from $39.00).
The analyst comments "With a revolutionary new way of mapping arrhythmias, we believe Acutus is well-positioned to penetrate the ~$5.7B global electrophysiology ablation market. While several mapping and ablation options are available, innovation in the space has remained largely stagnant in recent years and current offerings are only able to effectively map simple, stable arrhythmias. Acutus’ novel non-contact technology creates a clear picture of the anatomy of the heart and its electrical propagation patterns at four times the resolution of traditional voltage-based maps, enabling physicians to rapidly visualize complex, unstable arrhythmias. However, the company’s near-term outlook is clouded by recent commercial missteps which have pointed to procedure utilization trends that are not as robust as originally anticipated. We still feel confident in the long-term opportunity, but until we see more proof of execution on the commercial front, we assign a neutral rating to AFIB shares."
Shares of Actus Medical closed at $16.83 yesterday.
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