mi-viri
Shares of Outset Medical (NASDAQ:OM) rallied 22% as BTIG initiated coverage of the stock with a buy rating.
BTIG said in a note Monday that it views Outset’s valuation as “attractive” and that the stock could move higher as the company “puts operational hiccups behind it.”
The investment firm added it believes Outset can secure FDA clearance for its dialysis product TabloCart with Prefiltration in the mid-2024 timeframe.
“With roughly 10 months assumed in the FDA review period before a potential clearance, we think management has set a realistic and achievable timeline for investors,” BTIG added.
BTIG set a price target of $6 for the stock.
More on Outset Medical
- Outset Medical, Inc. (OM) Q4 2023 Earnings Call Transcript
- Novo Nordisk slips, dialysis stocks gain after kidney disease data for Ozempic
- Outset Medical beats top-line and bottom-line estimates; reaffirms FY24 outlook
- Seeking Alpha’s Quant Rating on Outset Medical
- Historical earnings data for Outset Medical