Canaccord Genuity Believes Irhythm Technologies (NASDAQ: IRTC) Still Has Room to Grow

By Carrie Williams

In a report released today, Jason Mills from Canaccord Genuity reiterated a Buy rating on Irhythm Technologies (NASDAQ: IRTC), with a price target of $59. The company’s shares opened today at $51.95, close to its 52-week high of $53.87.

Mills noted:

“We expect these data, assuming the read-out of the full study data follows suit (which we expect), will build IRTC’s case with payers, paving the way ultimately for prospective screening with Zio in a brand new, 3- million-patient TAM. While not in our model at all, we think over time, payors will cover Zio for screening of high-risk patients defined by the mSToPs study. We reiterate our BUY rating and $59 price target.”

According to TipRanks.com, Mills is a 5-star analyst with an average return of 17.5% and a 62.0% success rate. Mills covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Trivascular Technologies, and Obalon Therapeutics Inc.

Irhythm Technologies has an analyst consensus of Moderate Buy, with a price target consensus of $59.

The company has a one-year high of $53.87 and a one-year low of $24.25. Currently, Irhythm Technologies has an average volume of 227.2K.

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iRhythm Technologies, Inc. is a commercial-stage digital healthcare company engages in the development of monitoring and diagnostic solutions for detection of cardiac arrhythmias. It provides ambulatory electrocardiogram, or ECG, monitoring for patients at risk for arrhythmias.