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A recent survey conducted by Piper Sandler shows most of the 101 veterinarians it polled expect the prices they charge and the volume of patients they see to mostly hold up in the months ahead. While Piper Sandler "modestly" trimmed earnings estimates for 2024 for animal health-care companies Zoetis, Idexx Laboratories and Elanco Animal Health , Westenberg said Zoetis' products performed well in the survey. Solensia rang up $30 million in sales last year, but the opportunity for Librela is even bigger, according to the analyst. ZTS YTD mountain Even with the recent pullback in Zoetis stock, shares are up more than 18% year to date. In the Piper Sandler survey, few vets said they would pick the company's Credelio Quattro as their primary parasiticide when it is released.
Persons: Piper Sandler, David Westenberg, Westenberg, Librela, Solensia, Zoetis, FactSet, Quattro Organizations: Idexx Laboratories, U.S . Food, Drug Administration, Elanco Locations: parasiticides, U.S
Piper Sandler is bullish on oncology company Guardant Health for the long term. Analyst David Westenberg upgraded Guardant Health to overweight from neutral and maintained his $40 price target, which implies 55% upside for the stock from Tuesday's close. The company owns the first FDA-approved comprehensive liquid biopsy treatment for all advanced solid tumors. Shares of Guardant Health added about 6%. Guardant Health received approval from the U.S. Food and Drug Administration in January for its Guardant360 liquid biopsy test, which helps identify advanced or metastatic breast cancer patients with ESR1 mutations.
Persons: Piper Sandler, David Westenberg, Westenberg, Guardant Organizations: Guardant Health, Guardant, FDA, U.S . Food, Drug Administration Locations: U.S, MRD, Guardant
It's time to buy Adaptive Biotechnologies on its promising immune scan business, according to Piper Sandler. Analyst David Westenberg upgraded shares to overweight from neutral, saying they can nearly double from here on the company's minimal residual disease testing business. "If the company can grow MRD revenue at 50% (as they expect and we model in 2023), we think the stock would deserve a ~10X revenue multiple on its MRD business," Westenberg wrote in a Wednesday note. The analyst expects shares, which have plunged nearly 75% in 2022, can rebound next year on the strength of this growing business, as well as from its partnerships. "At this point, we think the long term 'dream-the-dream' of an annual immune system scan represents a free call option," Westenberg wrote.
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