Truist raised the firm’s price target on iRhythm (IRTC) to $95 from $80 and keeps a Buy rating on the shares. The company secured FDA approval for 1 of 2 anticipated ZioAT 510Ks, which is a “step in the right direction” for its management to start regaining credibility following numerous unanticipated FDA setbacks over the last 2 years, the analyst tells investors in a research note. iRhythm added it is also looking forward to hearing about the 2nd 510K “in the near-future”, and once both are in-hand, this should help the company remediate its current Warning Letter and keep a Zio MCT 510K submission on track for year-end 2024, the firm added.
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