Analysts are expressing optimism over Abiomed (NSDQ:ABMD) after the company’s third-quarter results saw its stock soar yesterday.
Upon releasing the quarterly report, Abiomed’s stock rose 12.4% at $369.45 in the early morning yesterday. The stock price rose as high as $387.23 yesterday but has since dropped to $341.42 at midday today.
Jefferies analysts released a report highlighting the long-term growth prospects for Abiomed’s Impella heart pump for high-risk percutaneous coronary intervention (PCI) and the strength of the company’s position as it navigates through the COVID-19 pandemic.
Even with COVID-19-related headwinds, Abiomed offered improved guidance for revenue growth between 9% and 14% in the fourth quarter, leading the analysts to feel bullish about the company’s prospects and list it as a “buy” option.
Additionally, analysts are buoyed by Abiomed’s reports of ahead-of-schedule technologies, including FDA approval for the expansion of an early feasibility study of the Impella ECP, while the company also won FDA 510(k) clearance for its XR Sheath with Impella 2.5.
While the near-term remains challenging, ABMD is primed for an intense period of both technology and data advances that will be the biggest leap forward for ABMD and Impella in the past five years,” the analysts wrote. “These should get it over the hurdle to where adoption into what remains a substantial opportunity resumes in earnest—and growth returns sustainably to the double digits.”