Inari stock down by 5.63% today, Canaccord Genuity analyst sees potential

Inari Medical - everything you need to know: company announcements, analyst ratings, performance analysis


Recent Analyst Update

Inari - Recent Analyst Update
Inari - Recent Analyst Update
Shares of Inari Medical are currently trading at $69,6, down by 5.63%. Canaccord Genuity maintains a “Buy” on Inari, raising the price target to $94.

Forecast and Ratings

Aggregate Analyst Forecasts

Inari Stock - Aggregate Analyst Forecasts
Inari Stock - Aggregate Analyst Forecasts
Based on 7 analyst ratings, Inari has an average rating of “Strong Buy”, with a rating score of 4.3/5. The average price target based on 12-month price target forecasts is $100.29, which represents a 44.09% upside potential. Analysts are projecting 12-month revenue to grow 20.11%, while 12-month earnings are projected at 73.24%. The estimate for beta is 1.49. Based on 300 pieces of news and analysis pieces from leading financial publications, 33.33% represent positive sentiment about Inari.

Analyst Rating Sentiment

Inari Stock - Analyst Rating Sentiment
Inari Stock - Analyst Rating Sentiment
Based on 7 analysts offering ratings for Inari, 83.34% give Inari a Positive rating (66.67% as Strong Buy, 16.67% as Buy), 16.67% give it a Neutral rating, and, 0% give it a Negative rating.

Latest Analyst Ratings

Inari Stock - Latest Analyst Ratings
Inari Stock - Latest Analyst Ratings
In the last 3 months, the top 5 analysts forecasted ratings for Inari were as follows: 4/5 Positive, 1/5 Neutral. Price targets from these analysts ranged from $87 to $100, while their upsides ranged from 25% to 43.68%.

News and Outlook

On Friday, September 13, shares of Inari started at $73.75; by midday, they had increased by $2.06, reaching $77.27. $50.50 is the fifty-two-week low and $100.00 is the fifty-two-week high for Inari. With a market value of $3.94 billion and a price-to-earnings ratio of -254.31 for the company. The company's 50-day and 200-day simple moving averages are $75.54 and $75.87, respectively.
On September 7th, 30,000 shares of the company's stock were sold by CEO William Hoffman. The stock was sold for a total of $2,143,800.00 at an average price of $71.46. The CEO now owns 378,901 company shares for a total of about $27,076,265.46 after the transaction.
In related developments, On September 1st, Inari stated that three additional data sets will be given at the 2022 TCT (Transcatheter Cardiovascular Therapeutics) and 2022 VEINS (Venous Endovascular Interventional Strategies) conferences during Late-Breaking Clinical Trial sessions.
First, on September 18th at the TCT conference in Boston, the in-hospital and 30-day data from the fully enrolled 800-patient US cohort of the FLASH registry will be presented. The FLASH study is the biggest prospective device study ever carried out in PE. The study assesses the short- and long-term clinical results of patients who had FlowTriever treatment. Second, on October 30 and 31, in Las Vegas, the VEINS symposium will feature a presentation on the multi-center CLOUT registry. The largest prospective mechanical thrombectomy study ever carried out in the area of DVT is called CLOUT. The ClotTriever system's security and efficacy are assessed in the study.
A propensity-matched comparison of patients treated in the CLOUT registry vs patients treated with pharmacochemical thrombolysis from ATTRACT, an NIH-sponsored randomized controlled study, is also scheduled to be presented at VEINS (RCT).
This fall, three studies were presented as Late-Breaking Clinical Trials at significant international conferences, which Dr. Thomas Tu, Inari's Chief Medical Officer, called "extraordinary." "This is a tribute to the value of these data as well as the requirement for high-quality evidence in the VTE arena. Along with our two RCTs, DEFIANCE and PEERLESS, these studies support Inari's goal of establishing a new standard of care for VTE patients and further separating ourselves from rivals.
Inari also disclosed plans to enroll participants in the DEFIANCE trial.
The ClotTriever System vs anticoagulation alone for the treatment of individuals with iliofemoral deep vein thrombosis is being compared in the randomized controlled study (RCT) called DEFIANCE. Up to 60 locations around the world will recruit 300 individuals for the trial.
The first RCT to compare mechanical thrombectomy to anticoagulation in the management of deep vein thrombosis is DEFIANCE. A hierarchical composite of treatment failure and PTS severity at 6 months serves as the trial's primary outcome. The trial may affect recommendations and the accepted standard of care.
In August 2022, Inari made 2 million shares of its common stock available to the public at a price of $81 per share, before underwriting discounts and fees. A 30-day option to buy up to 300,000 more shares of common stock at the public offering price was also given to the underwriters by the corporation.
As joint lead book-running managers for the offering, Morgan Stanley and BofA Securities are working together. Co-managers include BTIG, Canaccord Genuity, and Wells Fargo Securities.
The most recent Inari earnings release was around a month ago. In that time, shares have lost around 16.4%, underperforming the S&P 500.
Inari reported a net loss of 19 cents per share for the second quarter of 2022, which was less than the loss of 23 cents predicted by the Zacks Consensus Estimate. In the same period last year, the company had reported earnings of 7 cents per share. The company also recorded $92.7 million in revenue, a 46.2% increase over the same quarter last year. The top line was 5.3% higher than the Zacks Consensus Estimate. The development was influenced by new product releases and ongoing commercial expansion in the United States.
It is significant to note that the company generated the majority of its sales of FlowTriever product lines and the remaining percentage of sales of ClotTriever product lines. The reporting quarter's gross profit increased by 40.6% year over year to $82.4 million. As a percentage of revenues, the gross margin in the quarter was 88.8%.
The cost of research and development increased by 59.7% to $18.6 million over the same quarter last year. Selling, general, and administration costs came to $73.2 million, up 70.5% from the previous year. Accordingly, the operating loss came to $9.3 million compared to an operating income of $4.1 million in the same period last year.
Cash, cash equivalents, and short-term investments totaled $330.5 million at the end of the second quarter, down from $338.7 million on a sequential basis. At the conclusion of the second quarter, operating activities used $12.2 million in net cash as opposed to $16.1 million in the same quarter last year.
Inari reaffirmed its forecast for revenues in the $360 million to $370 million range for 2022. The same is estimated to generate $362.92 million by Zacks Consensus.
Institutional investors hold 85.01% of the outstanding shares of Inari, which gives them majority control over the business. Wellington Management Co. LLP is the largest shareholder in Inari, holding 8.98% of the company's shares, which are valued at $4,796,351. BlackRock Fund Advisors, Inari's second-largest shareholder, owns 4,139,320 shares, or more than 7.75% of the company's stock. Additionally, The Vanguard Group owns 7.29% of the business. The Delaware Smid Cap Growth Fund is the biggest shareholder in Inari, holding 3.62% of the company. The mutual fund manager is an owner of 1,930,093 shares. The Hartford Mid Cap Fund is the second-largest mutual fund shareholder, holding around 2.62% of Inari stock. It currently owns 1,398,014 shares worth $96.95 million.

About Inari Medical, Inc.

Devices for the interventional treatment of venous disorders are developed, produced, marketed, and sold in the United States by the medical device business Inari Medical, Inc.
The business offers FlowTriever, a large bore catheter-based aspiration, and mechanical thrombectomy system, for the treatment of pulmonary embolism, as well as ClotTriever, a mechanical thrombectomy device designed to core, trap, and remove big clots from major veins. Additionally, it provides FlowSaver, FlowStasis, a large bore suture retention device made to solve different venous access site issues, and FlowTriever, a new disk shape made to remove wall adherent clots and shorten treatment times. In September 2013, the business changed its name from Inceptus Newco1 Inc. to Inari Medical, Inc.
Irvine, California serves as the corporate headquarters for Inari Medical, Inc.
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Is Inari a good stock to buy? 

Inari is the subject of 7 analyst recommendations, of which 66.67% are for a Strong Buy, 16.67% are for a Buy, 16.67% are for a Hold, 0% are for a Sell, and 0% are for a Strong Sell.
Inari is currently a Zacks Rank #3 (Hold). Additionally, its value score of D suggests it may be overvalued and not the ideal pick for value investors.

Will Inari stock go up in the future?

The median price objective among the 7 analysts who are providing 12-month price projections for Inari is $97; the high and low estimates range from $125 and $83 respectively. From the most recent price of 69.6, the median projection reflects a rise of +39.45%.
According to projections, a long-term gain is anticipated; for a 5-year investment, the revenue is expected to be close to +100.51%. This implies that a $100 investment now might be worth up to $200.51 in 2027. Furthermore, according to Wall Street analysts, the share price of Inari might hit $94.83 by September 2023. From the present share price, the average Inari stock price projection predicts a possible increase of 36.25%.

Who is the owner of Inari?

Since February 2015, William Hoffman has been the Chief Executive Officer, President, and board member of Inari. Prior to being acquired by Medtronic PLC in July 2014, Visualase, Inc., a private firm that specializes in MRI-guided lasers, had Mr. Hoffman as its CEO from May 2008.

What does Inari specialize in?

By safely and successfully eliminating blood clots, Inari is committed to treating venous thromboembolism and improving the lives of patients with venous disorders. The development of safer, more effective mechanical thrombectomy devices is driving a paradigm change in this treatment. Doctors can treat a wider spectrum of patients, including those who are ineligible for thrombolytic treatment, due to the enhanced safety profiles.
This development of Inari’s is essential, as there is mounting evidence that thrombus extraction is important as patients who have residual thrombus after less aggressive or ineffective treatment techniques develop long-term problems.

Who are Inari’s competitors?

The rivals and competitor businesses to Inari are Teleflex, AngioDynamics, Penumbra, and LeMaitre Vascular.

Disclaimer: The opinions and data expressed in this article are solely those of the cited sources and third-party data providers. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.