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- SVB Leerink has initiated the coverage of ShockWave Medical Inc SWAV with an Outperform rating and a $208 price target, implying an upside of approximately 25%.
- The analyst Danielle Antalffy notes that the Company represents a top growth profile SMID-cap MedTech Company with a 5-year revenue CAGR of 56.6% over 2020A-2025 with sustained net profitability in 2022-beyond.
- Antalffy believes that with its Intravascular Lithotripsy (IVL) System, ShockWave is well-positioned to address the calcified occlusive cardiovascular market opportunity, which is at about $5.5B globally.
- The U.S. launch of coronary IVL catheter is the key growth driver and primary source of upside.
- In February, the FDA cleared the IVL system to treat severely calcified coronary artery plaques.
- The device uses a balloon to deliver sonic pressure waves that can pass through soft arterial tissue to disrupt calcified plaque and optimize stent placement.
- Recently, data from Disrupt PAD III trial was published in the Journal of the American College of Cardiology: Cardiovascular Interventions.
- The finding exhibited that vessel preparation with IVL before drug-coated balloon effectively facilitates endovascular treatment of artery calcification in peripheral arterial disease patients.
- Price Action: SWAV shares are down 3.68% at $165.31 during the market session on the last check Thursday.
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