Benchmark Co. Initiates Coverage on Abiomed (ABMD)
Research analysts at Benchmark Co. assumed coverage on shares of Abiomed (NASDAQ:ABMD) in a report released on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $25.00 price target on the stock. Benchmark Co.’s target price points to a potential upside of 31.16% from the stock’s previous close.
The analysts wrote, “We are initiating coverage of Abiomed with a Speculative Buy rating and Price Target of $25. We believe that the company’s Impella device offers a compelling benefit to outcomes for patients who need temporary circulatory support, and while the company is facing headwinds from a Department of Justice investigation, we expect that the outcome will be manageable. We also believe the reimbursement decision for the Impella device will be manageable. Abiomed is also participating in the FDA’s 515 program to migrate Impella from Class II to Class III which introduces risks but also raises the barrier to entry for competitors. The Impella reduces loading on the heart, compared to the current standard of intra-aortic balloon pumps. Our Speculative Buy rating is supported by our price target of $25, which we derive from a blend of our DCF target price of $29 and our EV/Sales target of $22.”
Separately, analysts at Zacks reiterated a “neutral” rating on shares of Abiomed (NASDAQ:ABMD) in a research note to investors on Wednesday, September 11th. They now have a $25.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $26.33.
Abiomed (NASDAQ:ABMD) traded up 2.10% during mid-day trading on Tuesday, hitting $19.46. 84,370 shares of the company’s stock traded hands. Abiomed has a 52 week low of $11.80 and a 52 week high of $25.25. The stock’s 50-day moving average is $22.34 and its 200-day moving average is $21.21. The company has a market cap of $736.4 million and a P/E ratio of 74.45.
Abiomed (NASDAQ:ABMD) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.04) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.06 by $0.10. The company had revenue of $42.70 million for the quarter, compared to the consensus estimate of $42.93 million. During the same quarter last year, the company posted $0.16 earnings per share. Abiomed’s revenue was up 10.1% compared to the same quarter last year. Analysts expect that Abiomed will post $0.13 EPS for the current fiscal year.
ABIOMED, Inc develops temporary and permanent cardiac support systems. The Company develops, manufactures and markets medical technologies designed to assist or replace the pumping function of the failing heart.
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