Silk Road Medical downgraded at Wolfe on revised market view
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- Silk Road Medical (NASDAQ:SILK) fell ~7% on Monday after Wolfe Research downgraded the medical device company to Underperform from Peer Perform, citing a revised view on its market opportunity.
- The Sunnyvale, California-based firm operates in the market for trans-carotid artery revascularization and offers ENROUTE Transcarotid Stent System and ENROUTE Transcarotid Neuroprotection System, among other products.
- Based on multiple sources, the analyst Mike Polark estimates that the annual carotid revascularization volumes in the U.S. stand at 100K – 110K cases/year in contrast to ~170K annual cases projected by the company.
- “Consider the gap we need to bridge: Silk Road’s estimate is 55%-70% higher than the data w present,” Polark wrote, revising the estimates to reflect the updated view and issuing a $27 per share target on the stock.