TipRanks

Notifications

Medtronic Receives FDA Approval for Neurostimulator; Shares Rise 1.4%

Shares of Medtronic (MDT) gained 1.4% after the company received approval from the U.S. Food and Drug Administration for Vanta, a recharge-free implantable neurostimulator.

The neurostimulator offers personalized pain relief, broad MRI compatibility, and almost double the device life in certain settings.

It also uses MDT’s AdaptiveStim technology for customized pain relief that adjusts to the patient’s body position using a built-in accelerometer. (See MDT stock analysis on TipRanks)

VP and GM of Pain Therapies at Medtronic, Charlie Covert, said, “We are committed to delivering innovative solutions that meet the needs of every patient. Vanta neurostimulator offers the best hardware and features available today. We are pleased to offer this solution, which is now part of the strongest and broadest overall portfolio in this market.”

Argus Research analyst David Toung recently increased the price target from $135 to $150 (20.3% upside potential) and reiterated a Buy rating on the stock.

Overall, the stock has a Strong Buy consensus based on 18 Buys and 2 Holds. The MDT average analyst price target of $141.68 implies 13.6% upside potential from current levels. Shares of MDT have jumped 37.3% over the past year.

Related News:
United States Steel Sells Transtar for $640M, Shares Rise 3%
Southwest Airlines Foresees Revenue Growth; Orders 34 More Boeing 737 MAX Aircraft
CareDx Acquires Transplant Hero, Shares Rise

Tags:
Devina Lohia
Devina Lohia, who has 15 years of experience in the equity research domain, writes stock analysis articles for TipRanks. Over the years, she has emerged as a multi-sector specialist in assessing stocks in the Healthcare, Airlines, Banks, Consumer, Utilities, and Technology sectors. Her expertise in understanding the financial markets of the U.S., the U.K., and Asia is second to none. Before joining TipRanks in 2021, she honed her research and analytical skills at Value Investments Principals where she would screen stocks and initiate coverage on them. Many of her stock recommendations have proven to be multi-baggers for her clients. She has also worked with CreditPointe Services, a financial services company, and Zacks Research, a leading investment research firm, which focuses on stock research, analysis, and recommendations.