Adam Gault
- Needham has downgraded Inari Medical (NASDAQ:NARI) to hold, citing valuation and competitive concerns.
- The investment bank said it was concerned that Inari (NARI) was losing market share to Penumbra (PEN) and sees increasing competition in the venous thrombectomy market with the entrance of more companies. Needham added that while it remains bullish on Inari’s (NARI) emerging therapies, it doesn’t believe “the stock can work if VTE slows more.”
- “With shares having recovered to where they were before the DOJ investigation was disclosed, they no longer account for the associated risk in Needham’s view,” the bank said in its note.
- Needham added that it regards the shares now as “fairly valued.”
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