In a report released today, Jason Mills from Canaccord Genuity reiterated a Buy rating on Irhythm Technologies (NASDAQ: IRTC), with a price target of $42. The company’s shares opened today at $35.25.
Mills commented:
“We reiterate our BUY rating on shares of IRTC following a data presentation earlier today at ESOC in Prague, which demonstrated Zio’s improved efficacy in detecting paroxysmal AF in patients post-stroke vs. the current standard-of-care Holter monitor. These results further validate Zio’s use as a first-line monitoring platform for the detection of paroxysmal AF in patients following cryptogenic stroke or TIA, in our view. While we expect additional data will likely be needed to change current post-stroke management practice in the field, we think Zio’s long-term continuous monitoring capabilities, coupled with its relatively low cost and noninvasive mechanism of capturing AF (vs. ILRs), well position Zio to capture share from traditional Holter monitors within the ~690K US post-stroke monitoring market. Overall, we continue to see material upside potential to the business as IRTC drives a paradigm change in ambulatory ECG monitoring, and expect the firm’s vast competitive moat, consisting of substantial clinical data, proprietary back-end analytics and robust IP, to support sustainable elite (20% +) growth for several years to come.”
According to TipRanks.com, Mills is a 5-star analyst with an average return of 12.0% and a 68.7% success rate. Mills covers the Healthcare sector, focusing on stocks such as Integer Holdings Corporation, Tactile Systems Technology, and Trivascular Technologies.
Irhythm Technologies has an analyst consensus of Moderate Buy, with a price target consensus of $42.
The company has a one year high of $40.48 and a one year low of $22.16. Currently, Irhythm Technologies has an average volume of 268.8K.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
iRhythm Technologies, Inc. is a commercial-stage digital healthcare company engages in the development of monitoring and diagnostic solutions for detection of cardiac arrhythmias. It provides ambulatory electrocardiogram, or ECG, monitoring for patients at risk for arrhythmias. It also offers ZIO Service improves physician management and diagnosis of arrhythmias by providing a wearable biosensor, curating, and analyzing voluminous ECG data. The company was founded by Uday N. Kumar in September 2006 and is headquartered in San Francisco, CA.