Oppenheimer raises Pulse Biosciences price target on competitor issues
Oppenheimer increased its price target for Pulse Biosciences stock (PLSE) to $60 from $35 while retaining an Outperform rating. The current trading price of the stock is $52.45, with a market capitalization of $3.74 billion, although the firm believes it may be slightly overvalued relative to its estimated fair value.
The price target raise is attributed to Pulse Biosciences facing challenges from competitors, particularly in relation to recent events like Volt 2.0 and concerns over Johnson & Johnson's electrophysiology franchise. These issues were discussed during meetings with the company's management during a West Coast non-deal roadshow.
Oppenheimer's analysts highlighted several factors, including the importance of an upcoming pivotal trial in 2027. The results of this trial will help assess the durability of outcomes and the role of nanosecond pulsed field ablation in the competitive landscape. This technology's potential to disrupt existing treatments, such as atrial fibrillation ablation, was also noted by analysts at firms like BTIG, Freedom Capital, Needham, and Canaccord.
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