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Why Penumbra Stock Zoomed 4% Higher Today

Source The Motley Fool

News about one of Penumbra's (NYSE: PEN) development programs and an analyst's price target raise combined to boost the medical device company's stock on Monday. Its price rose by over 4%, giving the stock a clear victory over the S&P 500 index, which increased by 0.8%.

Good news from the lab

Penumbra announced that it has completed patient enrollment for a clinical trial to evaluate its Penumbra System with Thunderbolt Aspiration Tubing, a computer-assisted vacuum thrombectomy (CAVT) device. A thrombectomy is the medical removal of blood clots in the brain, a major risk factor for stroke.

The medical device specialist quoted its CEO, Adam Elsesser, as saying, "This critical milestone brings us another step closer to providing physicians with the latest technology for stroke management."

Separately, Truist Securities analyst Richard Newitter made a substantial change to his Penumbra price target. He now feels it is worth $235 per share, up from his previous $200. He maintained his buy recommendation on the stock.

Newitter's move was not due to the company's news but to a fresh assessment of the wider medical device sector. Within that grouping, Newitter feels that its commanding position in the neurological, venous, and thrombectomy segment essentially makes the stock a bargain just now.

Well positioned for the future

The analyst's take on Penumbra's market position is an accurate one, and it is the source of much of the company's value. Another tailwind for Penumbra is the aging U.S. population; as a country's citizens get older, all things being equal, they require more medical care. The stock is absolutely worth a look on the basis of those two positive factors.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Penumbra. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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