Canaccord Genuity Cuts Price Target on Neovasc (NVCN) to $9.50; Reiterates Buy

Canaccord Genuity maintained a Buy rating on Neovasc (NASDAQ: NVCN), and cut the price target to $9.50 (from $15.00). Cannaccord continues to see NVCN as an attractive long-term asset in the potentially huge Transcatheter mitral valve replacement (TMVR) space. However, clinical and market development hurdles remain for all, and enrollment in NVCN’s TIARA-1 feasibility trial is progressing slower than expected.

Analyst Jason Mills commented, "We reiterate our BUY rating on NVCN, which we continue to see as an attractive long-term asset in the potentially huge Transcatheter mitral valve replacement (TMVR) space, about which we remain bullish long term. Granted, significant clinical and market development hurdles remain for all aspiring TMVR players, and enrollment in NVCN’s TIARA-1 feasibility trial is progressing slower than hoped (only 1 implant occurred in Q4). That said, FDA approval of the 40mm TIARA valve, granted in mid-January, should drive acceleration in enrollment, with multiple patients currently scheduled to receive implants over the next several weeks. We remind investors of positive results seen in the early feasibility trial, which gives us confidence in the TIARA platform. Moreover, a near-term catalyst could be on the horizon, as NVCN reaffirmed plans to initiate their European CE Mark study in H2:2016."

For an analyst ratings summary and ratings history on Neovasc click here. For more ratings news on Neovasc click here.

Shares of Neovasc closed at $4.22 yesterday.

You May Also Be Interested In

• Take-Two Interactive (TTWO) PT Raised to $368 at BofA Securities
• Corbus Pharmaceuticals (CRBP) PT Lowered to $34 at Mizuho
• Outdoor Holding (POWW) PT Raised to $2.75 at Roth/MKM, reiterates Top Pick